Chuang's China Investments Limited 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 for approximately HKD 450 million.
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.