Guangdong Investment Limited (SEHK:270) entered into agreement to acquire 73.82% stake in Guangdong Land Holdings Limited (SEHK:124) from GDH Limited for CNY 3.4 billion for cash and stock on January 19, 2017. As per the terms of agreement, Guangdong Investment Limited will pay approximately CNY 840 million in cash and remaining consideration will be paid by issuance of approximately 272 million shares of Guangdong Investment Limited. Upon completion, Guangdong Land Holdings Limited will become subsidiary of Guangdong Investment Limited. The transaction is subject to approval of listing of consideration shares by Stock Exchange, approval of shareholders of Guangdong Investment Limited, Government or regulatory authorities and other conditions. The extraordinary general meeting of shareholders of Guangdong Investment Limited will be held on March 20, 2017. The Board of Directors recommended shareholders to vote in favor of the transaction in Extraordinary General Meeting which will be held on March 20, 2017. The completion shall take place on the 15th Business Day after the date on which the last condition precedent is satisfied (or waived) and the issue of the announcement by Guangdong Land Holdings of its preliminary results for the year of 2016 (whichever is later). As of March 20, 2017, Guangdong Investment Limited's independent shareholders approved the transaction.

An Independent Board Committee comprising of CHAN Cho Chak, John, LI Kwok Po, David, FUNG Daniel Richard CHENG Mo Chi, Moses and WU Ting Yuk; the independent non-executive Directors has been formed to consider the acquisition and the specific mandate by Guangdong Investment Limited. Deutsche Bank AG, Hong Kong Branch acted as financial advisor to Guangdong Investment Limited. Somerley Capital Limited has been appointed by Guangdong Investment Limited as the independent financial adviser to advise the independent Board Committee and the independent shareholders. KPMG acted as financial advisor to Guangdong Holdings Limited.