Grand Peace Group Holdings Limited (SEHK:8108) entered into the sale and purchase agreement to acquire Solaron Limited from Kong Lung Cheung for HKD 200 million on December 2, 2014. In related transaction, Solaron Limited entered into an agreement to acquire stake in Kowloon Funeral Parlour Company Limited. The purchase price for Solaron Limited is subject to adjustments, depending upon the number of shares acquired in Kowloon Funeral by Solaron. Out of total consideration, HKD 8 million of the consideration shall be paid in cash upon the signing of the sale and purchase agreement, HKD 30 shall be paid in cash within 14 days from the date of signing the sale and purchase agreement, HKD 62 million shall be paid in cash on completion and HKD 100 million shall be settled by the issuance of the promissory note. The purchase price will be financed from internal resources, and/or debt and/or equity financing.

Completion is conditional upon Grand Peace Group Holdings Limited having completed the due diligence and is fully or substantially satisfied with the result of the due diligence, if necessary, all approvals by the shareholders of Grand Peace Group Holdings Limited, Grand Peace Group obtaining financing for at least HKD 100 million and vendor, government and regulatory authorities. Directors consider that the acquisition and the consideration is fair and reasonable and in the best interest of Grand Peace Group and the shareholders as a whole. As on May 29, 2015, Grand Peace Group Holdings Limited announces that to finalize certain information in the circular, it is expected that the dispatch of the circular will be further delayed to a date on or before June 30, 2015. As of June 30, 2015, the long stop date for the deal was postponed to September 30, 2015.On 30 September 2015, the Parties to the Sale and Purchase Agreement agreed to extend the Long Stop Date and entered into a second supplemental agreement to extend the Long Stop Date to January 31, 2016.