Fung Chiu Chak, Victor completed the acquisition of 40% stake in Tysan Foundation Limited from Tysan Holdings Ltd..
The deal is subject to the approval of the shareholders of Tysan Holdings, execution of an indemnity bond and share offer having become or being declared unconditional in all respects. If the conditions are not satisfied or waived by March 31, 2014, the agreement shall be terminated. As of November 25, 2013, Tysan Board recommends its shareholders to vote in favour of the transaction. An independent Board committee comprising Li Kit Chee is formed regarding the transaction by Tysan Holdings. The completion of transaction is expected to take place 10 business days after the completion of offer by Blackstone. Tysan Holdings intends to use the net proceeds from the transaction for general working capital, funding for its existing and future business projects including foundation and property development projects, acquisition of plant and machinery and where necessary, repayment of debt. It is expected that the transaction will not have any material impact on the earnings of Tysan Holdings. Somerley Limited acted as the financial adviser, Dacheng Law Offices acted as legal advisor and Tricor Tengis Limited acted as transfer agent for Tysan Holdings.
Fung Chiu Chak, Victor completed the acquisition of 40% stake in Tysan Foundation Limited from Tysan Holdings Ltd. (SEHK:687) on January 17, 2014.