Ng Hock Guan entered into an agreement to acquire the remaining 51% stake in Meike (Fujian) Sports Leisure Co., Limited from Shaw Brothers Holdings Limited (SEHK:953) for HKD 41 million on July 26, 2017. Upon completion, Meike (Fujian) Sports Leisure Co., Limited will cease to be a subsidiary of Shaw Brothers Holdings and will be wholly-owned by Ng Hock Guan. Meike (Fujian) Sports Leisure Co., Limited had total assets of HKD 194.1 million, net assets of HKD 77.4 million, revenue of HKD 104.73 million and net loss of HKD 9.59 million for the period ended December 31, 2016. The transaction is subject to approval by the shareholders of Shaw Brothers Holdings at the extraordinary general meeting and consummation of business, financial and legal due diligence by Ng Hock Guan. The transaction has been approved by the Board of Directors of Shaw Brothers Holdings. As of October 26, 2017, Shaw Brothers Holdings Limited issued circular to its shareholders along with notice of extraordinary general meeting to be held on November 19, 2017. As of October 26, 2017, business, financial and legal due diligence has been completed by Ng Hock Guan. The Board of Directors of Shaw Brothers Holdings Limited recommends the shareholders to vote in favor of the transaction in extraordinary general meeting. As of November 19, 2017, Shaw Brothers Holdings Limited shareholders approved the transaction. On November 30, 2017, Ng Hock Guan has agreed to extend the completion date to a day on or before January 31, 2018 as the purchaser requires additional time to make ready the financial arrangements for the consideration. The transaction is expected to be completed on November 30, 2017. Shaw Brothers Holdings intends to use the proceeds from the transaction as general working capital and/or future development of Shaw Brothers Holdings' business and/or funding any potential acquisitions if opportunities arise. Ng Hock Guan completed the acquisition of remaining 51% stake in Meike (Fujian) Sports Leisure Co., Limited from Shaw Brothers Holdings Limited (SEHK:953) on January 10, 2018. Upon completion, Shaw Brothers Holdings Limited ceased to hold any interest in Meike (Fujian) Sports Leisure Co., Limited.