# EDGAR Filing Document

**Accession Number:** 0001957538
**File Stem:** 0000000000-23-000883
**Filing Date:** 2023-1
**Character Count:** 38473
**Document Hash:** aa109d80b962bec9c5e91d7f20280cdb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-000883.hdr.sgml**: 20230801

**ACCESSION NUMBER**: 0000000000-23-000883

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230126

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ESGL Holdings Ltd
- **CENTRAL INDEX KEY:** 0001957538
- **STANDARD INDUSTRIAL CLASSIFICATION:** REFUSE SYSTEMS [4953]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** E9

**FILING VALUES:**
- **FORM TYPE:** UPLOAD

**BUSINESS ADDRESS:**
- **STREET 1:** 101, TUAS SOUTH AVENUE 2
- **CITY:** SINGAPORE
- **STATE:** U0
- **ZIP:** 637226
- **BUSINESS PHONE:** 65 66532299

**MAIL ADDRESS:**
- **STREET 1:** 101, TUAS SOUTH AVENUE 2
- **CITY:** SINGAPORE
- **STATE:** U0
- **ZIP:** 637226
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001493152-22-037129

## Text-Extract

```

United States securities and exchange commission logo

                             January 26, 2023

       Samuel Lui
       Chief Executive Officer
       ESGL Holdings Limited
       101 Tuas South Avenue 2
       Singapore 637226

                                                        Re: ESGL Holdings
Limited
                                                            Registration
Statement on Form F-4
                                                            Filed December 30,
2022
                                                            File No. 333-269078

       Dear Samuel Lui:

              We have reviewed your registration statement and have the
following comments. In
       some of our comments, we may ask you to provide us with information so
we may better
       understand your disclosure.

              Please respond to this letter by amending your registration
statement and providing the
       requested information. If you do not believe our comments apply to your
facts and
       circumstances or do not believe an amendment is appropriate, please tell
us why in your
       response.

              After reviewing any amendment to your registration statement and
the information you
       provide in response to these comments, we may have additional comments.

       Form F-4 filed on December 30, 2022

       Do any of GUCC's directors or officers have interests that may conflict
with my interests with
       respect to the Business Combination?, page 9

   1.                                                   Please quantify the
aggregate dollar amount and describe the nature of what the Sponsor
                                                        and its affiliates have
at risk that depends on completion of a business combination.
                                                        Include the current
value of securities held, loans extended, fees due, and out-of-pocket
                                                        expenses for which the
Sponsor and its affiliates are awaiting reimbursement. Provide
                                                        similar disclosure for
the company   s officers and directors, if material. For example, we
                                                        note your discussion
elsewhere in your filing regarding the promissory notes held by the
                                                        Sponsor, and note that
you have not disclosed the current market value of securities held
                                                        by the Sponsor.
   2.                                                   We note your disclosure
that Samuel Lui may have a conflict of interest with respect to
 Samuel Lui
FirstName  LastNameSamuel  Lui
ESGL Holdings   Limited
Comapany
January 26,NameESGL
            2023       Holdings Limited
January
Page 2 26, 2023 Page 2
FirstName LastName
         evaluating the Business Combination in light of his ownership of
outstanding ordinary
         shares of ESGL and, following the closing of the Business Combination,
ownership of
         PubCo ordinary shares. Please revise to clarify how the board
considered such conflict in
         negotiating and recommending the business combination. In addition,
please disclose the
         approximate dollar value of the interest based on the transaction
value and recent trading
         prices as compared to the price paid. Disclose in this section also
that Mr. Lui is the sole
         member and manager of the Sponsor.
3.       We note that the Genesis Unicorn Capital Corp. (GUCC) charter waived
the corporate
         opportunities doctrine. Please address this potential conflict of
interest and whether it
         impacted GUCC   s search for an acquisition target.
Will I experience dilution as a result of the Business Combination?, page 16

4.       Revise your disclosure to show the potential impact of redemptions on
the per share value
         of the shares owned by non-redeeming shareholders by including a
sensitivity analysis
         showing a range of redemption scenarios, including minimum, maximum
and interim
         redemption levels.
5.       Please revise to disclose all possible sources and extent of dilution
that shareholders who
         elect not to redeem their shares may experience in connection with the
business
         combination. Provide disclosure of the impact of each significant
source of dilution,
         including the amount of equity held by founders, convertible
securities, including warrants
         retained by redeeming shareholders, at each of the redemption levels
detailed in your
         sensitivity analysis, including any needed assumptions.
6.       It appears that underwriting fees remain constant and are not adjusted
based on
         redemptions. Revise your disclosure to disclose the effective
underwriting fee on a
         percentage basis for shares at each redemption level presented in your
sensitivity analysis
         related to dilution.
What happens to the funds deposited in the Trust Account following the Business
Combination?,
page 17

7.       Please revise to clarify the estimated per share amount to be paid to
investors exercising
         their redemption rights. For example, we note your reference on page
17 to $10.26 per
         share and your reference on page iii to $10.38 per share.
Conditions to Closing, page 21

8.       We note your disclosure on page 82 that it is a condition to the
obligations of GUCC and
         ESGL to close the Business Combination that your Class A common stock
remain listed
         on the Nasdaq Global Market. We also note your disclosure that as a
result, if the Nasdaq
         Proposal is not adopted, the Business Combination may not be completed
"unless this
         condition is waived." However, we also note your disclosure at page v
and elsewhere that
         the Acquisition Merger Proposal is conditioned upon the approval of
the Reincorporation
 Samuel Lui
FirstName  LastNameSamuel  Lui
ESGL Holdings   Limited
Comapany
January 26,NameESGL
            2023       Holdings Limited
January
Page 3 26, 2023 Page 3
FirstName LastName
         Merger Proposal and the Nasdaq Proposal. Please revise to clarify
whether waiver of the
         adoption of the Nasdaq Proposal is being considered, and whether the
Acquisition Merger
         Proposal is conditioned upon the approval of the Nasdaq Proposal.
9.       Please define in this section the "Outside Date" for closing of the
Merger, as referenced on
         page 22.
The Group has engaged in transactions with related parties, and such
transactions present
potential conflicts of interest, page 37

10.      We note your disclosure that the Group has entered into a number of
transactions with
         related parties, and your reference to the section entitled    Certain
Relationships and
         Related Party Transactions - ESGL Related Party Transactions    for a
more detailed
         discussion with respect to the Group   s related party transactions.
However, such
         information does not appear to be provided in the section    Related
Party Transactions of
         the Group    on page 182. Please advise.
GUCC's search for a business combination, and any target business with which we
ultimately
consummate a business combination, page 42

11.      Please update your risk factor disclosure under this caption to
reflect your entry into the
         merger agreement.
The Sponsor controls a substantial interest in GUCC and thus may influence
certain actions
requiring a stockholder vote, page 42

12.      You state that "if a significant number of GUCC stockholders vote, or
indicate an
         intention to vote, against the Business Combination, the Sponsor, the
Initial Stockholders
         or their affiliates, could make purchases of GUCC common stock in the
open market or in
         private transactions in order to influence the vote." At page 24, you
also indicate that
         "... the Sponsor or its affiliates may purchase GUCC securities in
open market or private
         transactions outside of the redemption process, for purposes of
ensuring that certain
         Nasdaq initial listing requirements will be met and therefore,
increasing the likelihood that
         the Business Combination will close. Any such securities purchased
would not be voted
         in favor of approving the Business Combination." Please provide us
with your analysis as
         to how such purchases would comply with Exchange Act Rule 14e-5. To
the extent that
         you are relying on Tender Offer Compliance and Disclosure
Interpretation 166.01 (March
         22, 2022), please provide an analysis regarding how it applies to your
circumstances.
Background of the Business Combination, page 66

13.      Please revise your disclosure to describe how discussions between GUCC
and ESGL were
         initiated. Substantially revise your disclosure throughout this
section to discuss in greater
         detail the substance of meetings and discussions among representatives
of GUCC and
         ESGL, including the material terms that were discussed, how parties'
positions differed,
         and how issues were resolved. For example, please discuss how the
parties determined the
 Samuel Lui
FirstName  LastNameSamuel  Lui
ESGL Holdings   Limited
Comapany
January 26,NameESGL
            2023       Holdings Limited
January
Page 4 26, 2023 Page 4
FirstName LastName
         transaction structure and valuation of ESGL. In addition, expand the
discussion of the
         meetings and negotiations among "representatives" of the parties to
name the individuals
         involved from GUCC and from ESGL.
14.      We note your disclosure regarding the "detailed investment
recommendation paper"
         GUCC's board discussed on November 14, 2022. Please provide the
information required
         by Item 4(b) of Form F-4 with respect to such investment
recommendation paper, or
         provide your analysis as to why such information is not required.
Proposal No. 2 - The Acquisition Merger Proposal
Projected Financial Information, page 69

15.      Please describe the reasons the projections were prepared and the
purpose for their
         inclusion in the filing. In addition, we note your disclosure that
"ESGL has made
         numerous estimates and material assumptions with respect to, among
other things,
         regulatory, market and financial conditions and competition, market
size, commercial
         efforts, industry performance, general business and economic
conditions and numerous
         other matters...." Please expand your disclosure to describe the
material assumptions and
         limitations underlying the referenced projections, including the
forecasted capital
         expenditures. In that regard, we note disclosure on page 74 regarding
such forecasted
         capital expenditures with respect to the fairness opinion. We also
note that while ESGL
         has a history of losses, the forecasts project achieving profit
starting in 2024. Please
         provide additional details to support this growth in profit and
describe factors or
         contingencies considered that would affect the projected growth
ultimately materializing.
Opinion of Marshall & Stevens as an Independent Professional Valuation Advisor
to GUCC,
page 71

16.      We note your disclosure regarding the fairness opinion provided by
Marshall & Stevens
         with respect to the fairness of the transaction, from a financial
point of view, to GUCC.
         Please revise to provide a clear explanation as to the reason the
fairness opinion was
         obtained. In addition, revise to clarify, if true, that the fairness
opinion addresses fairness
         to all GUCC shareholders as a group as opposed to only those
shareholders unaffiliated
         with the Sponsor or its affiliates.
17.      Revise to explain further your reference to ESGL's "expected growth
profile" including
         the nature and components of this expected growth. We note the
statement under your
         Guideline Public Company Analysis at page 77 that "Given the expected
growth profile of
         ESGL, the fourth and fifth year forecasted value indications were
weighted equally to
         arrive at the final range of value."
Proposal No. 4 -- The Governance Proposals, page 83

18.      We note your description of an exclusive forum provision proposed to
be included in
         PubCo   s Amended and Restated Memorandum and Articles of Association.
However,
         such provision does not appear to be included in the Form of Amended
and Restated
 Samuel Lui
FirstName  LastNameSamuel  Lui
ESGL Holdings   Limited
Comapany
January 26,NameESGL
            2023       Holdings Limited
January
Page 5 26, 2023 Page 5
FirstName LastName
         Memorandum and Articles of Association of ESGL Holdings Limited
provided in
         Appendix B. Please ensure that your discussion accurately reflects the
contents of the
         proposed amended and restated memorandum and articles of association.
U.S. Federal Income Tax Consequences, page 86

19.      Please revise to clarify the material tax consequences of the Business
Combination, and
         obtain and file an opinion of counsel with regard to such material tax
consequences. See
         Item 4(a)(6) of Form F-4 and Item 601(b)(8) of Regulation S-K. Refer
also to Section
         III.A.2 of Staff Legal Bulletin No. 19. For example, we note your
disclosure regarding
         Sections 368 and 367(a) of the Code with respect to the
Reincorporation Merger. If there
         is uncertainty regarding the tax treatment of the Business
Combination, your disclosure
         and counsel   s opinion should discuss the degree of uncertainty and
make clear why
         counsel cannot give a firm opinion.
Management   s Discussion and Analysis of Financial Condition and Results of
Operations of the
Group
Liquidity and Capital Resources, page 125

20.      We note your disclosure regarding the company   s borrowings, and
related disclosure in
         Note 18 to your financial statements. Please file as exhibits any loan
agreements required
         to be filed by Item 601(b)(4) or Item 601(b)(10) of Regulation S-K.
Emerging Growth Company Status, page 133

21.      We note ESGL Holdings Limited ("PubCo") discloses that it is an
emerging growth
         company   , as defined in Section 2(a) of the Securities Act, as
modified by the JOBS Act.
         Please disclose if PubCo has elected to take advantage of the benefits
of the extended
         transition period for complying with new or revised accounting
standards under Section
         102(b)(1). If PubCo chooses to take advantage of the extended
transition period, please
         disclose that as a result of this election, its financial statements
may not be comparable to
         companies that comply with public company effective dates with similar
disclosure.
ESA's Directors and Executive Officers Prior to the Business Combination, page
169

22.      Under "Experienced Management Team" at page 102, you state: "The Group
  s core
         executive and management team has amassed more than a combined 100
years of relevant
         experience in waste management and the chemical supply chain." Please
explain which of
         the listed officers and directors constitute this "core" team.
Compensation of Directors and Executive Officers, page 170

23.      Please update your disclosure regarding the compensation of directors
and executive
         officers for the fiscal year ended December 31, 2022.
 Samuel Lui
FirstName  LastNameSamuel  Lui
ESGL Holdings   Limited
Comapany
January 26,NameESGL
            2023       Holdings Limited
January
Page 6 26, 2023 Page 6
FirstName LastName
Directors and Executive Officers of the Combined Company After the Business
Combination,
page 171

24.      Please revise to identify the individuals who currently serve as a
director of the registrant,
         and the individuals who are currently director nominees.
Environmental Solutions Group Holdings Limited
Audited Financial Statements For the Fiscal Years Ended December 31, 2020 and
2021
3. Going Concern, page F-91

25.      You highlight certain conditions that cast doubt over your ability to
continue as a going
         concern including your significant net current liability position and
net losses in each of
         the periods presented and state that you are dependent on the
undertaking of your
         shareholders to provide continuing financial support to enable you to
meet your liabilities
         as and when they fall due. Please tell us how you concluded that these
conditions were
         alleviated and explain why a going concern paragraph was not included
in the report of
         your independent auditor.
Exhibits

26.      Please revise to clarify how many shares of the registrant will be
issued to the existing
         shareholders of ESGL in connection with the business combination. In
that regard, we
         note that the fee table provided in Exhibit 107 includes 75,000,000
ordinary shares to be
         issued to the existing shareholders of ESGL, but disclosure on page 81
references the
         issuance of 7,500,000 shares.
General

27.      With a view toward disclosure, please tell us whether GUCC's sponsor
is, is controlled by,
         or has substantial ties with a non-U.S. person. Please also tell us
whether anyone or any
         entity associated with or otherwise involved in the transaction, is,
is controlled by, or has
         substantial ties with a non-U.S. person. If so, also include risk
factor disclosure in this
         filing that addresses how this fact could impact your ability to
complete your initial
         business combination. For instance, discuss the risk to investors that
you may not be able
         to complete an initial business combination should the transaction be
subject to review by
         a U.S. government entity, such as the Committee on Foreign Investment
in the United
         States (CFIUS), or ultimately prohibited. Further, disclose that the
time necessary for
         government review of the transaction or a decision to prohibit the
transaction
         could prevent you from completing an initial business combination and
require you to
         liquidate. Disclose the consequences of liquidation to investors, such
as the losses of the
         investment opportunity in a target company, any price appreciation in
the combined
         company, and the warrants, which would expire worthless. In that
regard, we note the risk
         factor titled "We may not be able to complete an initial business
combination with a U.S.
         target company since such initial business combination may be subject
to U.S. foreign
         investment regulations" in GUCC's definitive proxy statement filed on
January 25, 2023.
 Samuel Lui
ESGL Holdings Limited
January 26, 2023
Page 7

        We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence of
action by the staff.

       Refer to Rules 460 and 461 regarding requests for acceleration. Please
allow adequate
time for us to review any amendment prior to the requested effective date of
the registration
statement.

        You may contact Joanna Lam, Staff Accountant, at (202) 551-3476 or
Craig Arakawa,
Accounting Branch Chief, at (202) 551-3650 if you have questions regarding
comments on the
financial statements and related matters. Please contact Timothy S. Levenberg,
Special Counsel,
at (202) 551-3707, or Laura Nicholson, Special Counsel, at (202) 551-3584 with
any other
questions.

                                                           Sincerely,
FirstName LastNameSamuel Lui
                                                           Division of
Corporation Finance
Comapany NameESGL Holdings Limited
                                                           Office of Energy &
Transportation
January 26, 2023 Page 7
cc:       David Levine, Esq.
FirstName LastName

```

### Attached PDF Documents

**Attachment 1:** `filename1`

DIVISION OF
CORPORATION FINANCE

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

January 26, 2023

Samuel Lui
Chief Executive Officer
ESGL Holdings Limited
101 Tuas South Avenue 2
Singapore 637226

**Re: ESGL Holdings Limited**
**Registration Statement on Form F-4**
**Filed December 30, 2022**
**File No. 333-269078**

Dear Samuel Lui:

We have reviewed your registration statement and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure.

Please respond to this letter by amending your registration statement and providing the requested information. If you do not believe our comments apply to your facts and circumstances or do not believe an amendment is appropriate, please tell us why in your response.

After reviewing any amendment to your registration statement and the information you provide in response to these comments, we may have additional comments.

Form F-4 filed on December 30, 2022

Do any of GUCC's directors or officers have interests that may conflict with my interests with respect to the Business Combination?, page 9

1. Please quantify the aggregate dollar amount and describe the nature of what the Sponsor and its affiliates have at risk that depends on completion of a business combination. Include the current value of securities held, loans extended, fees due, and out-of-pocket expenses for which the Sponsor and its affiliates are awaiting reimbursement. Provide similar disclosure for the company's officers and directors, if material. For example, we note your discussion elsewhere in your filing regarding the promissory notes held by the Sponsor, and note that you have not disclosed the current market value of securities held by the Sponsor.
2. We note your disclosure that Samuel Lui may have a conflict of interest with respect to

Samuel Lui
ESGL Holdings Limited
January 26, 2023
Page 2

evaluating the Business Combination in light of his ownership of outstanding ordinary shares of ESGL and, following the closing of the Business Combination, ownership of PubCo ordinary shares. Please revise to clarify how the board considered such conflict in negotiating and recommending the business combination. In addition, please disclose the approximate dollar value of the interest based on the transaction value and recent trading prices as compared to the price paid. Disclose in this section also that Mr. Lui is the sole member and manager of the Sponsor.

3. We note that the Genesis Unicorn Capital Corp. (GUCC) charter waived the corporate opportunities doctrine. Please address this potential conflict of interest and whether it impacted GUCC's search for an acquisition target.

Will I experience dilution as a result of the Business Combination?, page 16

4. Revise your disclosure to show the potential impact of redemptions on the per share value of the shares owned by non-redeeming shareholders by including a sensitivity analysis showing a range of redemption scenarios, including minimum, maximum and interim redemption levels.
5. Please revise to disclose all possible sources and extent of dilution that shareholders who elect not to redeem their shares may experience in connection with the business combination. Provide disclosure of the impact of each significant source of dilution, including the amount of equity held by founders, convertible securities, including warrants retained by redeeming shareholders, at each of the redemption levels detailed in your sensitivity analysis, including any needed assumptions.
6. It appears that underwriting fees remain constant and are not adjusted based on redemptions. Revise your disclosure to disclose the effective underwriting fee on a percentage basis for shares at each redemption level presented in your sensitivity analysis related to dilution.

What happens to the funds deposited in the Trust Account following the Business Combination?, page 17

7. Please revise to clarify the estimated per share amount to be paid to investors exercising their redemption rights. For example, we note your reference on page 17 to $10.26 per share and your reference on page iii to $10.38 per share.

Conditions to Closing, page 21

8. We note your disclosure on page 82 that it is a condition to the obligations of GUCC and ESGL to close the Business Combination that your Class A common stock remain listed on the Nasdaq Global Market. We also note your disclosure that as a result, if the Nasdaq Proposal is not adopted, the Business Combination may not be completed "unless this condition is waived." However, we also note your disclosure at page v and elsewhere that the Acquisition Merger Proposal is conditioned upon the approval of the Reincorporation

Samuel Lui  
ESGL Holdings Limited  
January 26, 2023  
Page 3

Merger Proposal and the Nasdaq Proposal. Please revise to clarify whether waiver of the adoption of the Nasdaq Proposal is being considered, and whether the Acquisition Merger Proposal is conditioned upon the approval of the Nasdaq Proposal.

9. Please define in this section the 'Outside Date' for closing of the Merger, as referenced on page 22.

The Group has engaged in transactions with related parties, and such transactions present potential conflicts of interest, page 37

10. We note your disclosure that the Group has entered into a number of transactions with related parties, and your reference to the section entitled 'Certain Relationships and Related Party Transactions - ESGL Related Party Transactions' for a more detailed discussion with respect to the Group's related party transactions. However, such information does not appear to be provided in the section 'Related Party Transactions of the Group' on page 182. Please advise.

GUCC's search for a business combination, and any target business with which we ultimately consummate a business combination, page 42

11. Please update your risk factor disclosure under this caption to reflect your entry into the merger agreement.

The Sponsor controls a substantial interest in GUCC and thus may influence certain actions requiring a stockholder vote, page 42

12. You state that 'if a significant number of GUCC stockholders vote, or indicate an intention to vote, against the Business Combination, the Sponsor, the Initial Stockholders or their affiliates, could make purchases of GUCC common stock in the open market or in private transactions in order to influence the vote.' At page 24, you also indicate that '... the Sponsor or its affiliates may purchase GUCC securities in open market or private transactions outside of the redemption process, for purposes of ensuring that certain Nasdaq initial listing requirements will be met and therefore, increasing the likelihood that the Business Combination will close. Any such securities purchased would not be voted in favor of approving the Business Combination.' Please provide us with your analysis as to how such purchases would comply with Exchange Act Rule 14e-5. To the extent that you are relying on Tender Offer Compliance and Disclosure Interpretation 166.01 (March 22, 2022), please provide an analysis regarding how it applies to your circumstances.

Background of the Business Combination, page 66

13. Please revise your disclosure to describe how discussions between GUCC and ESGL were initiated. Substantially revise your disclosure throughout this section to discuss in greater detail the substance of meetings and discussions among representatives of GUCC and ESGL, including the material terms that were discussed, how parties' positions differed, and how issues were resolved. For example, please discuss how the parties determined the

Samuel Lui
ESGL Holdings Limited
January 26, 2023
Page 4

transaction structure and valuation of ESGL. In addition, expand the discussion of the meetings and negotiations among "representatives" of the parties to name the individuals involved from GUCC and from ESGL.

14. We note your disclosure regarding the "detailed investment recommendation paper" GUCC's board discussed on November 14, 2022. Please provide the information required by Item 4(b) of Form F-4 with respect to such investment recommendation paper, or provide your analysis as to why such information is not required.

Proposal No. 2 - The Acquisition Merger Proposal

Projected Financial Information, page 69

15. Please describe the reasons the projections were prepared and the purpose for their inclusion in the filing. In addition, we note your disclosure that "ESGL has made numerous estimates and material assumptions with respect to, among other things, regulatory, market and financial conditions and competition, market size, commercial efforts, industry performance, general business and economic conditions and numerous other matters..." Please expand your disclosure to describe the material assumptions and limitations underlying the referenced projections, including the forecasted capital expenditures. In that regard, we note disclosure on page 74 regarding such forecasted capital expenditures with respect to the fairness opinion. We also note that while ESGL has a history of losses, the forecasts project achieving profit starting in 2024. Please provide additional details to support this growth in profit and describe factors or contingencies considered that would affect the projected growth ultimately materializing.

Opinion of Marshall & Stevens as an Independent Professional Valuation Advisor to GUCC, page 71

16. We note your disclosure regarding the fairness opinion provided by Marshall & Stevens with respect to the fairness of the transaction, from a financial point of view, to GUCC. Please revise to provide a clear explanation as to the reason the fairness opinion was obtained. In addition, revise to clarify, if true, that the fairness opinion addresses fairness to all GUCC shareholders as a group as opposed to only those shareholders unaffiliated with the Sponsor or its affiliates.

17. Revise to explain further your reference to ESGL's "expected growth profile" including the nature and components of this expected growth. We note the statement under your Guideline Public Company Analysis at page 77 that "Given the expected growth profile of ESGL, the fourth and fifth year forecasted value indications were weighted equally to arrive at the final range of value."

Proposal No. 4 -- The Governance Proposals, page 83

18. We note your description of an exclusive forum provision proposed to be included in PubCo's Amended and Restated Memorandum and Articles of Association. However, such provision does not appear to be included in the Form of Amended and Restated

Samuel Lui  
ESGL Holdings Limited  
January 26, 2023  
Page 5

Memorandum and Articles of Association of ESGL Holdings Limited provided in Appendix B. Please ensure that your discussion accurately reflects the contents of the proposed amended and restated memorandum and articles of association.

# U.S. Federal Income Tax Consequences, page 86

19. Please revise to clarify the material tax consequences of the Business Combination, and obtain and file an opinion of counsel with regard to such material tax consequences. See Item 4(a)(6) of Form F-4 and Item 601(b)(8) of Regulation S-K. Refer also to Section III.A.2 of Staff Legal Bulletin No. 19. For example, we note your disclosure regarding Sections 368 and 367(a) of the Code with respect to the Reincorporation Merger. If there is uncertainty regarding the tax treatment of the Business Combination, your disclosure and counsel’s opinion should discuss the degree of uncertainty and make clear why counsel cannot give a firm opinion.

# Management's Discussion and Analysis of Financial Condition and Results of Operations of the Group

# Liquidity and Capital Resources, page 125

20. We note your disclosure regarding the company’s borrowings, and related disclosure in Note 18 to your financial statements. Please file as exhibits any loan agreements required to be filed by Item 601(b)(4) or Item 601(b)(10) of Regulation S-K.

# Emerging Growth Company Status, page 133

21. We note ESGL Holdings Limited (“PubCo”) discloses that it is an “emerging growth company”, as defined in Section 2(a) of the Securities Act, as modified by the JOBS Act. Please disclose if PubCo has elected to take advantage of the benefits of the extended transition period for complying with new or revised accounting standards under Section 102(b)(1). If PubCo chooses to take advantage of the extended transition period, please disclose that as a result of this election, its financial statements may not be comparable to companies that comply with public company effective dates with similar disclosure.

# ESA's Directors and Executive Officers Prior to the Business Combination, page 169

22. Under “Experienced Management Team” at page 102, you state: “The Group’s core executive and management team has amassed more than a combined 100 years of relevant experience in waste management and the chemical supply chain.” Please explain which of the listed officers and directors constitute this “core” team.

# Compensation of Directors and Executive Officers, page 170

23. Please update your disclosure regarding the compensation of directors and executive officers for the fiscal year ended December 31, 2022.

Samuel Lui  
ESGL Holdings Limited  
January 26, 2023  
Page 6

# Directors and Executive Officers of the Combined Company After the Business Combination, page 171

24. Please revise to identify the individuals who currently serve as a director of the registrant, and the individuals who are currently director nominees.

# Environmental Solutions Group Holdings Limited

# Audited Financial Statements For the Fiscal Years Ended December 31, 2020 and 2021

# 3. Going Concern, page F-91

25. You highlight certain conditions that cast doubt over your ability to continue as a going concern including your significant net current liability position and net losses in each of the periods presented and state that you are dependent on the undertaking of your shareholders to provide continuing financial support to enable you to meet your liabilities as and when they fall due. Please tell us how you concluded that these conditions were alleviated and explain why a going concern paragraph was not included in the report of your independent auditor.

# Exhibits

26. Please revise to clarify how many shares of the registrant will be issued to the existing shareholders of ESGL in connection with the business combination. In that regard, we note that the fee table provided in Exhibit 107 includes 75,000,000 ordinary shares to be issued to the existing shareholders of ESGL, but disclosure on page 81 references the issuance of 7,500,000 shares.

# General

27. With a view toward disclosure, please tell us whether GUCC's sponsor is, is controlled by, or has substantial ties with a non-U.S. person. Please also tell us whether anyone or any entity associated with or otherwise involved in the transaction, is, is controlled by, or has substantial ties with a non-U.S. person. If so, also include risk factor disclosure in this filing that addresses how this fact could impact your ability to complete your initial business combination. For instance, discuss the risk to investors that you may not be able to complete an initial business combination should the transaction be subject to review by a U.S. government entity, such as the Committee on Foreign Investment in the United States (CFIUS), or ultimately prohibited. Further, disclose that the time necessary for government review of the transaction or a decision to prohibit the transaction could prevent you from completing an initial business combination and require you to liquidate. Disclose the consequences of liquidation to investors, such as the losses of the investment opportunity in a target company, any price appreciation in the combined company, and the warrants, which would expire worthless. In that regard, we note the risk factor titled 'We may not be able to complete an initial business combination with a U.S. target company since such initial business combination may be subject to U.S. foreign investment regulations' in GUCC's definitive proxy statement filed on January 25, 2023.

Samuel Lui
ESGL Holdings Limited
January 26, 2023
Page 7

We remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff.

Refer to Rules 460 and 461 regarding requests for acceleration. Please allow adequate time for us to review any amendment prior to the requested effective date of the registration statement.

You may contact Joanna Lam, Staff Accountant, at (202) 551-3476 or Craig Arakawa, Accounting Branch Chief, at (202) 551-3650 if you have questions regarding comments on the financial statements and related matters. Please contact Timothy S. Levenberg, Special Counsel, at (202) 551-3707, or Laura Nicholson, Special Counsel, at (202) 551-3584 with any other questions.

Sincerely,

Division of Corporation Finance
Office of Energy & Transportation

cc: David Levine, Esq.