Moody Technology Holdings Limited (SEHK:1400) entered into an agreement to acquire 80.95% stake in Leader Elastic Ltd from Sundust Co Ltd. and Ma Chun Hing for HKD 21 million on October 14, 2022. The Consideration will be allocated between the Sundust Co Ltd. and Ma Chun Hing in proportion to their respective amount of Sale Shares as to approximately HKD 17.3 million to Sundust Co Ltd and approximately HKD 3.7 million to Ma Chun Hing, respectively. Sundust Co Ltd. and Ma Chun Hing holds approximately 66.67% and 16.19% of the issued share capital in the Leader Elastic, respectively. Moody Technology Holdings intends to conduct debt and/or equity fund raising exercises to raise the amount necessary to satisfy the Consideration. Leader Elastic reported as of December 2021 revenue of HKD 64.28 million, Loss after tax HKD 3.47 million, and net assets of HKD 11.7 million .Completion of the Agreement is conditional upon all necessary consents, licenses and approvals from the shareholders and regulators required to be obtained on the part of the Sundust Co Ltd., Ma Chun Hing, Leader Elastic, and Moody Technology Holdings Limited. Moody Technology having entrusted a qualified valuer to appraise the fair value of the Leader Elastic and being reasonably satisfied with such valuation. As of April 28, 2023, all conditions are fulfilled.

Moody Technology Holdings Limited (SEHK:1400) completed the acquisition of 80.95% stake in Leader Elastic Ltd from Sundust Co Ltd. and Ma Chun Hing on April 28, 2023.