Liaoning Shihua Property Development Company Limited entered into the non-legally binding memorandum of understanding to acquire 53.9% stake in Starlight International Holdings Limited from Lau Sak Hong, Philip, Lau Sak Kai, Anthony, Lau Sak Yuk, Andy and other sellers for approximately HKD 190 million.
Liaoning Shihua entered into share purchase agreement to acquire 52.94% stake in Starlight International Holdings Limited on January 30, 2014. Completion shall be subject to the conditions of shares remaining listed and traded on the main board of the stock exchange, approval by majority shareholders of Starlight International, subscription agreement, approval by the stock exchange, necessary approval from the Bermuda Monetary Authority for the issue and allotment of the conversion shares, completion of the distribution, necessary approvals and consents in respect of the definitive agreements and the warranties as set out remaining true and accurate in all material respects and not misleading. The conditions are to be fulfilled or waived on or before May 31, 2014. On May 19, 2014, the long stop date was extended from May 30, 2014 to June 30, 2014. A meeting of Starlight International's shareholders will be held on June 16, 2014 to approve the distribution in specie transaction. As on June 17, 2014, the expected completion date is June 26, 2014. Alfred Lee, Jeffrey Kung and Gloria Ting of Cheung & Lee in association with Locke Lord (HK) acted as legal counsels for Liaoning Shihua. Troutman Sanders acted as legal advisor for Starlight.