Grand Peace Group Holdings Limited entered into the sale and purchase agreement to acquire Solaron Limited from Kong Lung Cheung for HKD 200 million.
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.