Sheen Tai Holdings Group Company Limited entered into the sale and purchase agreement to acquire Shenzhen Yi Er Shan Photovoltaic Electricity Company Limited from Li Xiu Yun for HKD 90 million.
Shenzhen had loss before tax of CNY 0.74 million (HKD 0.9 million), loss after tax of CNY 0.74 million (HKD 0.9 million), total assets of CNY 6.1 million (HKD 7.37 million) and net assets of CNY 5.26 million (HKD 6.4 million) for the period from May 4, 2015 to September 30, 2015. The deal is subject to due diligence, corporate reorganization of Shenzhen having been complete and listing of the conversion shares to be issued upon exercise of the conversion right. If all the conditions are not fulfilled on or before December 31, 2105, the deal might be terminated. The Directors of Sheen Taiare of the view that the terms and conditions of the deal are fair and reasonable and the transactions in the interest of Sheen Tai and its shareholders. The deal is expected to close on the third business day after the date of the completion notice. As reported on December 31, 2015, the parties to the sale and purchase agreement entered into the supplemental agreement to the sale and purchase agreement to extend the long stop date from December 31, 2015 to June 30, 2016. The currency conversions are made through www.oanda.com.