Teamway International Group Holdings Limited (SEHK:1239) entered into an equity transfer agreement to acquire Shanghai Tonghui Construction Engineering Company Limited from Liu Jing Cheng and Fei Zhi Hui for CNY 8 million on January 17, 2019. Under the terms of transaction, Teamway International Group Holdings Limited will pay first installment of CNY 4 million within three days after signing of agreement and balance will be paid within three days after completion of the transaction. CNY 5.6 million will be funded by internal resources of Teamway International Group Holdings Limited. Upon completion, Shanghai Tonghui Construction Engineering Company Limited will become a wholly owned subsidiary of Teamway International Group Holdings Limited. As of June 30, 2018, Shanghai Tonghui Construction Engineering Company Limited had net assets of CNY 5.3 million. The transaction is subject to approval of relevant government authority in China and other customary conditions. The Directors of Teamway International Group Holdings Limited consider the terms of the agreement to be fair and reasonable and on normal commercial terms.