Food Idea Holdings Limited (SEHK:8179) signed a memorandum of understanding to acquire Adinfern Margaret River Pty Ltd for HKD 60 million on September 2, 2019. Food Idea Holdings Limited (SEHK:8179) entered into an agreement to acquire Adinfern Margaret River Pty Ltd for HKD 60 million on October 4, 2019. Under the terms, HKD 5 million will be paid in cash, HKD 17.6 million will be paid by issue of 63 million shares at a price of HKD 0.28 per share and HKD 37.36 will be paid by issue of promissory notes. The consideration also involves assignment of loan worth HKD 17.1 million. Adinfern Margaret reported revenues worth HKD 0.3 million, net profit before taxation worth HKD 0.04 million , net assets worth HKD 3.1 million and net profit after taxation worth HKD 0.04 million. The transaction is subject to due diligence investigation, regulatory approval, approval of transaction by acquirer shareholders. The transaction is expected to close on March 31, 2020. Food Idea Holdings Limited (SEHK:8179) completed the acquisition of Adinfern Margaret River Pty Ltd on January 3, 2020.