Far East Holdings International Limited (SEHK:36) entered into an agreement to acquire Lead Power Investments Limited from Kong Sun Holdings Ltd. (SEHK:295) for HKD 53 million in cash on December 28, 2016. Kong Sun Holdings Limited acquired cash and cash equivalents of HKD 3.7 million. Far East Holdings International Limited will pay 5% of total consideration within ten business days from the date of this agreement and remaining will be paid upon completion of transaction. For the year ended December 31, 2015, Lead Power Investments had a turnover of HKD 1.5 million, profit after tax of HKD 66.4 million, net asset value of HKD 107.1 million and total asset value of HKD 112.6 million. The transaction is subject to consummation of business, financial and legal due diligence review conducted by Far East Holdings International Limited and approval from shareholders. If any of the conditions set out in the agreement are not been satisfied, Kong sun will return the 5% deposit in cash without interest to Far East Holdings International Limited within ten business days from the date of the termination of agreement or the long stop date. Far East Holdings International Limited has a right to terminate the agreement, if it discover any material defect in Lead Power, and Kong Sun is entitle to return the 5% deposit in 14 business days. The transaction is expected to close on fifth business day after the satisfaction of the conditions to the agreement.

Far East Holdings International Limited (SEHK:36) completed the acquisition of Lead Power Investments Limited from Kong Sun Holdings Ltd. (SEHK:295) on January 19, 2017.