Genes Tech Group Holdings Company Limited (SEHK:8257) agreed to acquire Astro Thermal Technology Corporation from 40 individuals for TWD 300 million on December 12, 2018. Under the terms of the transaction, Genes Tech Group Holdings Company Limited agreed to acquire 1.5 million shares of Astro Thermal Technology Corporation. Post completion of the transaction, Astro Thermal Technology Corporation would become an indirect wholly owned subsidiary of Genes Tech Group Holdings Company Limited. The consideration will be satisfied in cash, of which TWD 60 million is expected to be funded through internal sources and TWD 240 million borrowings from bank and financial institutions. In the event of termination, the defaulting party shall pay an amount which shall not exceed 1%, which amounts to TWD 3 million. Astro Thermal Technology Corporation reported a net income of TWD 81.878 million, total revenue of TWD 230 million, EBIT of TWD 100 million and total assets of TWD 300 million for the period ended on December 31, 2017. The transaction is subject to approval by the board and shareholders of Astro Thermal Technology Corporation and Genes Tech Group Holdings Company Limited. The transaction is subject to approval from the stock exchange in respect of the circular to be dispatched. The transaction requires the approval from the Investment Commission and Ministry of Economic Affairs of Taiwan, and other regulatory and third party approval. As of March 25, 2019, the board of Genes Tech Group Holdings Company Limited vote in favour of all resolutions as set out in the EGM notice which is going to be held on April 17, 2019. The transaction is expected to complete by May 31, 2019. Ample Capital Limited acted as financial advisor, PricewaterhouseCoopers Taiwan acted as accountant and Tricor Investor Services Limited acted as a registrar to Genes Tech Group Holdings Company Limited. Unicorn Consulting and Appraisal Limited acted as an independent valuer in the acquisition. Genes Tech Group Holdings Company Limited (SEHK:8257) completed the acquisition of Astro Thermal Technology Corporation from 40 individuals on May 16, 2019. All conditions of the transaction were fulfilled.