Charisma Energy Services (SG:5QT) has released an update.
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Charisma Energy Services Limited has successfully completed the sale of 80% of Yichang’s equity interests to Smartpower Technology, alongside a shareholder’s loan, following shareholder approval. Additionally, the company has proposed a Supplementary Scheme of Arrangement, modifying earlier debt settlement plans, which has been overwhelmingly approved by creditors and is now pending sanction from the High Court of Singapore. These developments follow an earlier agreement to resolve the obligations under the redeemable exchangeable preference shares issued by a subsidiary of the company.
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