Active Group Holdings Limited (SEHK:1096) entered into the acquisition agreement to acquire Peak Business Asia Limited for approximately HKD 220 million in promissory notes on November 5, 2015. The consideration shall be settled by the issue of Promissory Notes A with a principal amount of HKD 100 million on the date of the acquisition agreement; and the issue of Promissory Notes B with a principal amount of HKD 115 million upon completion. For the year ended December 31, 2014, Peak Business Asia group reported net profit before taxation of CNY 6.98 million (HKD 8.79 million), net profit after taxation of CNY 6.98 million (HKD 8.79 million) and net assets value of CNY 17.98 million (HKD 22.66 million).

The deal is subject to the reorganization of target group having been completed to the satisfaction of Active Group Holdings, completion of the due diligence exercise, and obtaining all requisite consents and approvals in connection with the entering into and performance of the terms of the agreement having been obtained. If all the conditions shall not have been fulfilled or waived before April 30, 2016, or such other dates as agreed by the parties to the agreement, the agreement shall be terminated forthwith and Active Group Holdings shall be entitled to cancel Promissory Notes A issued and each party to the agreement shall then have no liability to the other party save and except for any antecedent breaches of the terms thereof. The transaction is expected to have positive impact on Active Group's earnings in the coming future. The conversions for currency were done through www.oanda.com as on December 31, 2014.

Active Group Holdings Limited (SEHK:1096) completed the acquisition of Peak Business Asia Limited on January 22, 2016.