Hong Kong Baptist Hospital entered into a binding term sheet to acquire Almax Company Limited and its debt from Chevalier International Holdings Limited (SEHK:25) for approximately HKD 540 million on December 10, 2018. Under the terms of the transaction, HKD 54. 02 million is to be paid on signing of the term sheet, HKD 54.02 million is to be paid within 50 days from the date of term sheet, subject to due diligence and the balance is to be paid on completion. Almax Company Limited owed a debt of HKD 360 million. The transaction is subject to due diligence, signing of a sale and purchase agreement. Completion of the transaction is subject to the fulfillment, satisfaction and/or waiver of the conditions precedent. Hong Kong Baptist Hospital cancelled the acquisition of Almax Company Limited and its debt from Chevalier International Holdings Limited (SEHK:25) on December 10, 2019.