Wu Jiming made entered into a memorandum of understanding to acquire 69.46% stake in China Kangda Food Company Limited (SGX:P74) from Tian Yuan Manganese Limited on January 25, 2019. Wu Jiming entered into a share purchase agreement to acquire 69.46% stake in China Kangda Food Company Limited from Tian Yuan Manganese Limited for approximately HKD 240 million on June 26, 2019. Wu Jiming made will acquire 300.74 million shares of China Kangda Food Company Limited for HKD 0.8 each. Wu Jiming has agreed to pay the deposit of HKD 40 million by way of cashier order to an escrow agent mutually agreed and appointed by Wu Jiming and Tian Yuan Manganese Limited. It is the intention of Wu Jiming and Tian Yuan Manganese Limited to enter into a formal agreement during the period starting from the date of the payment of the deposit until May 7, 2019 (exclusive period). As at January 29, 2019, the deposit has been deposited by Wu Jiming into the escrow account. On July 4, 2019, Wu Jiming acquired 69.18% stake represented by 299.5 million shares listed on Hong Kong Stock Exchange for HKD 239.6 million. The remaining 1.23 million shares listed on Singapore Stock Exchange will be acquired for HKD 0.98 million. In a related transaction, Wu Jiming will make an offer to acquire an unknown stake in China Kangda Food Company Limited. A loan facility of up to HKD 260 million granted by First Capital Finance Ltd. to Wu Jiming to finance the consideration. The agreement shall set out and include, inter alia, the exact number of shares to be purchased, the consideration thereof, the relevant conditions precedent and such other usual representations, warranties and undertakings to be given by Tian Yuan Manganese Limited under similar transactions. Upon the expiry of the exclusive period where no formal agreement has been entered into, if it is due to any reason attributable to Wu Jiming that no formal agreement is concluded, the deposit shall be forfeited by Tian Yuan Manganese Limited and if it is due to any reason attributable to Tian Yuan Manganese Limited that no formal agreement is concluded, the deposit shall be refunded to Wu Jiming in full. Upon execution of the formal agreement, the deposit shall be dealt in accordance with the provisions of the formal agreement and become part of the consideration for the transaction. The memorandum of understanding shall terminate upon any failure or delay in delivering the deposit within the prescribed period or the return of the deposit in full or the execution of the formal agreement, whichever is the earlier. If any of the conditions has not been fulfilled before the Long Stop Date, the agreement will not be proceeded with and the Tian Yuan Manganese Limited shall procure the deposit be returned to Wu Jiming, unless non-fulfilment of such condition is, to a material extent, caused by Wu Jiming in which case the Deposit may be forfeited by Tian Yuan Manganese Limited. Wu Jiming has no intention to discontinue the employment of any employees of China Kangda Food Company Limited. Wu Jiming did not propose to nominate any new Directors to the Board. Meanwhile, Wu Jiming has no present intention to make any change to the composition of the Board. The transaction is subject to execution and completion of the formal agreement, all necessary agreements, confirmations, permits, approvals, licenses, waivers and authorizations for entering into the Share Purchase Agreement and consummation of the transaction. The long stop date is August 31, 2019 or such other date as parties may agree in writing. As of July 4, 2019, the transaction is expected to close early next week.