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China Energy Storage's Privatization Cleared by Cayman's Grand Court

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China Energy Storage Technology Development (HKG:1143) said the Grand Court of the Cayman Islands has approved its privatization by Fame Castle Enterprises, according to a Monday Hong Kong bourse filing.

The scheme of arrangement is expected to become effective on Aug. 4, subject to the remaining conditions being satisfied or waived, while the company's shares are expected to be delisted from the Hong Kong Stock Exchange on Aug. 5.

The company said all major conditions for the privatization have been fulfilled, with the remaining requirements largely relating to registration and customary regulatory conditions.

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