China Jinmao Holdings Group Limited (SEHK:817) agreed to acquire 29.9% stake in China VAST Industrial Urban Development Company Limited (SEHK:6166) from Zhao for HKD 1.5 billion on June 28, 2021. Under the terms China Jinmao Holdings Group Limited will acquire 493 million for HKD 3 per share. The consideration will be funded by the internal resources of the Group, and will be payable in cash by Completion Date.

The transaction is subject to the warranties made by the Vendor being true and accurate and not misleading as of the date of the Share Sale and Purchase Agreement and the Share Sale Completion Date; the Vendor having complied with all of the agreements and undertakings and satisfied all of the conditions on its part to be complied with or satisfied under the Share Sale and Purchase Agreement on or before the Share Sale Completion Date; there not having occurred at any time prior to completion of the Share Sale any change or development which has or is reasonably likely to have a material adverse effect. The transaction is approved by the China Jinmao Holdings Group Limited board.
Salughter and may is advising China International Capital Corporation Hong Kong Securities Limited (CICC) as financial advisor to China Jinmao Holdings Group Limited (China Jinmao).