Strong Petrochemical Holdings Limited (SEHK:852) entered into sale and purchase agreement to acquire Copower Properties Investments Company Limited from Copower Enterprise Group Ltd for HKD 78 million on March 5, 2019. Under the terms, Strong Petrochemical Holdings will acquire 0.01 million shares of Copower Properties Investments Company Limited. Pursuant to the terms, Strong Petrochemical Limited and Copower Enterprise Group Limited entered into the deed, pursuant to which Strong Petrochemical Limited conditionally agreed to assign and transfer partial benefit and receivables under the contract to the Strong Petrochemical Limited at a consideration of HKD 78 million to settle the consideration payable under the sale and purchase agreement. Upon completion, Copower Properties Investments will become a wholly-owned subsidiary of the Strong Petrochemical. For the year ended December 31, 2018, Copower Properties Investments reported net loss after taxation of HKD 1.42 million, total assets of HKD 132.6 million and net liabilities of HKD 4.8 million. The deal is subject to completion of due diligence, obtaining of all the relevant internal and governmental approvals and other necessary consents and approvals required in relation to the transaction, the properties subject to an existing tenancy agreement shall be delivered to the Strong Petrochemical on an ‘‘as-is’’ basis at completion; the net asset value of the Copower Properties Investments shall not be less than HKD 78 million at completion. All the conditions precedent should be fulfilled on or before May 5, 2019. Completion shall take place within three business days after the date on which all of the conditions precedent under the sale and purchase agreement have been fulfilled or waived or such other date as shall be mutually agreed between Strong Petrochemical and the Copower Enterprise Group. As of May 3, 2019, the long stop date is extended to July 5, 2019. As of March 13, 2020, the long stop date is extended to June 30, 2020. As of June 29, 2020, the long stop date is extended to August 31, 2020. Strong Petrochemical Holdings Limited (SEHK:852) completed the acquisition of Copower Properties Investments Company Limited from Copower Enterprise Group Ltd on August 27, 2020. Copower has become an indirect wholly-owned subsidiary of Strong Petrochemical.