Chuang's China Investments Limited (SEHK:298) entered into a sale and purchase agreement to acquire 85.55% stake in Fortune Wealth Memorial Park (Si Hui) Limited from Midas International Holdings Limited (SEHK:1172) for approximately HKD 450 million on January 21, 2017. The consideration includes HKD 254 million with respect to interest in certain properties being transferred by Chuang's China Investments to Midas International Holdings and remaining HKD 197.3 million in cash. The consideration is for sale shares and sale loan. The deal is subject to approval by shareholders of Midas International Holdings Limited and Chuang's China Investments Limited, all statutory governmental and regulatory obligations having been complied with and all regulatory, statutory, governmental and third party consents and waivers necessary to give effect to transaction. Independent Board Committees of Chuang's China Investments Limited and Midas International Holdings have been established to advise independent shareholders of the Chuang's China Investments Limited and Midas International Holdings.

The deal will cancel if conditions are not satisfied by September 30, 2017. Completion will take place on the third business day after the conditions have been fulfilled. As of March 8, 2017, the Boards and Independent Board Committees of Chuang's China Investments Limited and Midas International Holdings recommended to approve the deal. As on March 24, 2017 shareholders of Midas International Holdings Limited and Chuang's China Investments approved the deal. The net cash proceeds will be used as working capital.

Somerley Capital Limited acted as financial advisor for Chuang's China Investments and Midas International Holdings. Investec Capital Asia Limited acted as financial advisor for Midas International Holdings. Halcyon Capital Limited acted as financial advisor for Chuang's China Investments. Tricor Investor Services Limited acted as share registrar for Midas International Holdings. Tricor Progressive Limited acted as share registrar for Chuang's China Investments. PricewaterhouseCoopers, Certified Public Accountants, Hong Kong acted as accountant for Midas International Holdings and Chuang's China Investments. Colliers International (Hong Kong) Ltd acted as independent valuer for Chuang's China Investments. JunZeJun Law Offices and Guangdong Libang Law Firm acted as legal advisors for Chuang's China Investments and Midas International Holdings. Grant Sherman Appraisal Limited acted as independent valuer for Midas International Holdings.