Evershine Group Holdings Limited (SEHK:8022) entered into the agreement to acquire 40% stake in First Surplus Investments Limited from Yiu Wing Hei for HKD 80 million on January 20, 2017. Under the terms of agreement, the consideration of HKD 30 million will be settled in cash and HKD 50 million by issuance of the 6% promissory note, upon completion of the transaction. Post transaction, Evershine Group Holdings Limited will hold 40% stake in First Surplus Investments Limited will and will operate associate and Hyper Venture Limited holds remaining 60% stake in First Surplus Investments Limited. First Surplus Investments Limited reported loss after tax of approximately HKD 3.98 million for the year ended March 31, 2016. For the same period, First Surplus had net assets of HKD 18.96 million. The transaction is subject to due diligence, all necessary waiver, consents and approvals, license, authorization, permission, order and exemption required to be obtained from the relevant governmental or regulatory authorities or other third parties, obtaining valuation report from independent experts appointed by Evershine Group Holdings Limited. The transaction long stop date is February 20, 207 and will close within three business days after the conditions are fulfilled. The Board of Directors of Evershine Group Holdings Limited is of view that the terms of the agreement are fair and reasonable and in the interests of Evershine Group Holdings Limited and its shareholders as a whole. As on February 20, 2017 long stop date has been extended to March 31, 2017.