Choi Yun Chor made a mandatory unconditional cash offer to acquire remaining 30.5% stake in Times Universal Group Holdings Limited (SEHK:2310) for HKD 24 million on December 31, 2021. Under the terms the Choi will acquire 333,509,521 shares for offer price of HKD 0.072 per share. The Offer will be unconditional in all respects when it is made.

Pre offer Choi held 759,367,674 Shares, representing approximately 69.48% of the total issued share capital of Times Universal Group Holdings Limited. The Offeror intends to finance the entire consideration payable under the Offer by the Loan provided by Kaiser Financing Company Limited. The Offeror intends the Company to remain listed on the Stock Exchange after the close of the Offer.

The Offeror does not intend to avail itself of any powers of compulsory acquisition of any Shares outstanding after the close of the Offer. Transaction is expected to close on February 18, 2022. Elstone Capital acted as the financial advisor to the Offeror.

Red Sun Capital Limited acted as the financial advisor to Times Universal Group Holdings Limited. Astrum Capital Management Limited acted as Independent Financial Adviser to advise the Independent Board Committee in respect of the Offer, in particular, as to whether the terms of the Offer are fair and reasonable and as to acceptance of the Offer.