Great Success Enterprises Holdings Limited made an offer to acquire an additional 22.19% minority stake in Bestway Global Holding Inc. (SEHK:3358) for HKD 1 billion on June 25, 2021. The proposal will be implemented by way of scheme of arrangement. Under the term, Great Success Enterprises will acquire 234.89 million shares of Bestway for HKD 4.38 per share. Prior to the transaction, Great Success Enterprises holds 574.71 million shares amounting to 54.3% stake and post completion, Great Success Enterprises will hold 76.49% stake in Bestway. The parties in concert hold 77.8% stake in Bestway Global Holding. The transaction will be finance from internal cash resources and/or external debt financing (including a loan facility to be granted by CMB International Finance Limited which will be secured by, among others, (i) share pledges in respect of all of the shares held by Great Success Enterprises and Zhu Qiang and (ii) after the scheme becoming effective, guarantees and debentures to be granted by Bestway and its material subsidiaries). It is the intention of Great Success Enterprises Holdings Limited, that Bestway Global Group will continue to carry on its current business, and it does not have specific plans to make any major changes to the business of the Group. Great Success Enterprises Holdings Limited also does not intend to make any significant changes to the continued employment of the employees of Bestway Global Group. The transaction is subject to court approval and Bestway's shareholder approval. The Independent Board Committee of Bestway Global Holding Inc. recommended the shareholders to vote in favour of the transaction. The court meeting and meeting of shareholders will be held on September 13, 2021. On September 15, 2021, the shareholders of Bestway Global Holding Inc. approved the transaction. The Grand Court approved the transaction on September 30, 2021. An independent board committee comprising of all independent non-executive Directors, namely Dai Guoqiang, Zhang Zhu and Lam Yiu Kin of Bestway Global Holding Inc. was formed. The scheme is expected to become effective on October 7, 2021. The listing of shares is expected to be withdrawn on October 12, 2021. The long stop date for the transaction is December 29, 2021. CMB International Capital Limited acted as a financial advisor to Great Success Enterprises. Jeanny Leung and Leo Tam of Altus Capital Limited acted as financial advisors and Computershare Hong Kong Investor Services Limited acted as the registrar to Bestway. Charlton Tse of Slaughter and May acted as legal advisors for Great Success Enterprises Holdings Limited. Grace S.M. Lam of Cushman & Wakefield Limited acted as the valuer.