The Hong Kong-based Green Energy Group Limited has agreed to purchase a plastics recycling facility in Germany for €400,000, the company announced the decision in a statement released on Hong Kong Stock Exchange.

Green Energy has also entered into Waste Clearance Agreement with the Vendor Stefan Kolthoff and his wholly-owned company Upframe, to which, on and subject to the terms and conditions therein, Upframe undertook to remove and clear all existing scrap materials present at the property.

The property was previously occupied by Kolthoff GmbH, a recycling company based in Ostfriesland in North of Germany that commenced its liquidation on November 1, 2014.

According to the statement, Green Energy is still in negotiation with Kolthoff and the liquidator of Kolthoff for the possible purchase of machineries that are required for plastics recycling.

The maximum amount of the purchase price which Green Energy proposes to offer for the acquisition of such machineries is €300,000.

As disclosed in the company's annual report for the year ended December 31, 2015, in December 2015, the Group was in negotiation with third parties for the acquisition of a parcel of land in Germany with a view to undertaking a plastics and rubber recycling and management business.

The Hong Kong-based Green Energy Group Limited has agreed to purchase a plastics recycling facility in Germany for €400,000, the company announced the decision in a statement released on Hong Kong Stock Exchange.

Green Energy has also entered into Waste Clearance Agreement with the Vendor Stefan Kolthoff and his wholly-owned company Upframe, to which, on and subject to the terms and conditions therein, Upframe undertook to remove and clear all existing scrap materials present at the property.

The property was previously occupied by Kolthoff GmbH, a recycling company based in Ostfriesland in North of Germany that commenced its liquidation on November 1, 2014.

According to the statement, Green Energy is still in negotiation with Kolthoff and the liquidator of Kolthoff for the possible purchase of machineries that are required for plastics recycling.

The maximum amount of the purchase price which Green Energy proposes to offer for the acquisition of such machineries is €300,000.

As disclosed in the company's annual report for the year ended December 31, 2015, in December 2015, the Group was in negotiation with third parties for the acquisition of a parcel of land in Germany with a view to undertaking a plastics and rubber recycling and management business.