Tan Kim Chwee entered into a share purchase agreement to acquire Sheen china (Hong Kong) Limited from Sheen Tai Holdings Group Company Limited (SEHK:1335) for CNY 67 million (HKD 73.7 million) on May 30, 2020. Both the parties entered into first supplemental agreement on July 16, 2020 and second supplemental agreement on July 22, 2020. As per terms of the consideration, CNY 20.1 shall be paid within five working days after satisfaction of all the conditions precedent and CNY 46.9 million shall be paid on or before December 15, 2020. Post-completion, Sheen Tai Holdings Group Company Limited will not hold any stake in Sheen China (Hong Kong) Limited and Sheen China (Hong Kong) Limited will cease to be a subsidiary of Sheen Tai Holdings Group Company Limited. As of December 31, 2019, Sheen china (Hong Kong) had revenues of HKD 316.1 million and loss after tax of HKD 22.5 million. The transaction is subject to approval from relevant Stock Exchange, shareholders and board approval from Sheen Tai Holdings Group Company and board of Sheen china (Hong Kong). On September 30, 2020, Tan Kim Chwee entered into a third supplemental agreement where reorganization in relation to transferring other assets and liabilities (including 35% equity interest of Jiangsu Sheen Colour) which are held by Sheen china, will not be included in the disposal. As of October 25, 2020, the board of Sheen Tai Holdings recommended the transaction to its shareholders. As on November 17, 2020, the shareholders of Sheen Tai Holdings approved of the transaction. Completion shall take place within fifteen days after the date on which the second tranche payment is received by the vendor. The expected closing date extended from September 30, 2020 to October 31, 2020. The Group intends to apply all the net proceeds as part of the proceeds for acquiring suitable land parcels or acquiring or investing in project company in or around Xuzhou City, the PRC, for property development in the coming two years. Tan Kim Chwee completed the acquisition of Sheen china (Hong Kong) Limited from Sheen Tai Holdings Group Company Limited (SEHK:1335) on December 10, 2020. The completion took place following the fulfilment of all conditions.