Pokfulam Development Company Limited (SEHK:225) signed an agreement to acquire additional 47.84% equity stake in Elephant Holdings Ltd. from B.L. Wong & Company Limited for approximately HKD 15.4 million on November 18, 2019. The total consideration amount shall be paid in one lump sum at completion for acquiring 4,784 shares. Upon completion Pokfulam Development Company Limited will hold 99.8% stake in Elephant Holdings Ltd. For the year ending September 30, 2019, net loss of Elephant Holdings Ltd. was approximately HKD 1.45 million, loss before tax is HKD 1.45 million, and net asset vale is 12.7 million. The transaction is subjected to passing of necessary resolution by independent shareholders, completion of valuation of the property by Cushman & Wakefield Limited, transaction contemplated granted by government and regulatory authorities and the outstanding loan due by Elephant Holdings Ltd. to B.L. As of December 10, 2019, Pokfulam Development Company Limited issued circular to its shareholders along with notice of extraordinary general meeting to be held on December 31, 2019. Pokfulam Development Company Limited has established independent Board Committee comprising of Non-executive Directors to recommend independent shareholders. Wong & Company Limited being waived or capitalized. The Board and independent Board committee along with independent financial advisor recommended the shareholders to vote in favor of the transaction in extraordinary general meeting to be held on December 31, 2019. As of December 12, 2019, independent shareholders duly approved and passed the resolution in favor of the voting which was taken by poll. Veda Capital Limited acted as independent financial advisor to independent Board Committee and independent shareholders of Pokfulam Development Company Limited in the transaction. Pokfulam Development Company Limited (SEHK:225) completed the acquisition of 47.84 % stake in Elephant Holdings Limited from B.L. Wong & Company Limited on January 24, 2020. The Company holds 99.8% of the entire share capital of the Target Company, and the consolidated financial results of the Target Group remain consolidated into the consolidated financial statements of the Group.