Chu Kong Shipping Enterprises (Group) Company Limited (SEHK:560) entered into Sale and Purchase Agreement to acquire remaining 40% stake in New World First Ferry Services Limited from Chu Kong Shipping Enterprises (Holdings) Co., Ltd. for approximately HKD 150 million on November 30, 2021. The transaction will be financed by the Chu Kong Shipping Enterprises (Group) internal resources. For the year ending on June 30, 2021, New World First Ferry Services reported Net profit after tax of HKD 25.558175 million, revenue of HKD 265.9 million, Total Assets of HKD 190.7 million and Total Equity of HKD 40.8 million. The transaction is subject to Chu Kong Shipping Enterprises (Group) and Chu Kong Shipping Enterprises (Holdings) obtaining authorizations including board resolutions and shareholder's resolutions, not materially in breach of any terms and conditions of the Sale and Purchase Agreement, All legal and regulatory approval, Chu Kong Shipping Enterprises (Group) shall provide an addition loan to New World First Ferry Services in the amount of no less than HKD 12 million, New World First Ferry Services has fully repaid to the Chu Kong Shipping Enterprises (Holdings) the outstanding shareholder's loan HKD 12 million and no material adverse change has occurred to the financial, assets, operation and business positions of New World First Ferry Services from the Valuation Date up to the Completion Date. An Independent Board Committee, comprising all the independent non-executive Directors, namely, Chan Kay-cheung, Yau Lai Man, Chow Bing Sing has been formed to consider, and to advise the Independent Shareholders of Chu Kong Shipping Enterprises (Group). The transaction is expected to close on December 31, 2021. Frontpage Capital Limited acted as financial advisor and Tricor Tengis Limited acted as registrar to Chu Kong Shipping Enterprises (Group) Company Limited.

Chu Kong Shipping Enterprises (Group) Company Limited (SEHK:560) completed the acquisition of a 40% stake in Sun Ferry Services Company Limited from Chu Kong Shipping Enterprises (Holdings) Co., Ltd. on December 31, 2021.