Fung Chiu Chak, Victor signed a share purchase agreement to acquire 40% stake in Tysan Foundation Limited from Tysan Holdings Ltd. (SEHK:687) for approximately HKD 160 million in cash on August 16, 2013. Fung Chiu Chak will pay HKD 157 million for shares and shareholder's loan of HKD 32 million owned by Tysan Foundation to Tysan Holdings. Fung Chiu Chak serves as Executive Director for Tysan Holdings. In a related transaction, The Blackstone Group agreed to acquire Tysan Holdings Ltd. For the year ended March 31, 2013, Tysan Foundation reported revenue of HKD 2.9 billion, total assets of HKD 1.5 billion, net profit before tax of HKD 37.88 million, net asset value of HKD 312.2 million and net profit of HKD 27.4 million. The Board of Directors of Tysan Foundation will comprise of five Directors. Fung Chiu Chak shall have the right to nominate two executive Directors to the Board of Directors of Tysan Foundation.

The deal is subject to the approval of the shareholders of Tysan Holdings, execution of an indemnity bond and share offer having become or being declared unconditional in all respects. If the conditions are not satisfied or waived by March 31, 2014, the agreement shall be terminated. As of November 25, 2013, Tysan Board recommends its shareholders to vote in favour of the transaction. An independent Board committee comprising Li Kit Chee is formed regarding the transaction by Tysan Holdings. The completion of transaction is expected to take place 10 business days after the completion of offer by Blackstone. Tysan Holdings intends to use the net proceeds from the transaction for general working capital, funding for its existing and future business projects including foundation and property development projects, acquisition of plant and machinery and where necessary, repayment of debt. It is expected that the transaction will not have any material impact on the earnings of Tysan Holdings. Somerley Limited acted as the financial adviser, Dacheng Law Offices acted as legal advisor and Tricor Tengis Limited acted as transfer agent for Tysan Holdings.

Fung Chiu Chak, Victor completed the acquisition of 40% stake in Tysan Foundation Limited from Tysan Holdings Ltd. (SEHK:687) on January 17, 2014.