Canvest Environmental Protection Group Company Limited (SEHK:1381) signed a share sale and purchase agreement to acquire 41% stake in Johnson Cleaning Services Co. Ltd. from Hong Kong Johnson Investments (BVI) Company Limited for approximately HKD 180 million on March 23, 2018. Upon completion, the consideration will be settled in cash by Canvest Environmental Protection Group Company Limited and will be funded by its internal resources. For the year ending March 31, 2017, Johnson Cleaning Services Co. Ltd. reported profit after tax of HKD 40.5 million. As at December 31, 2017, the net asset value of Johnson Cleaning Services Co. Ltd. was approximately HKD 130 million. Under the terms of the deal, the Board of Directors of Johnson Cleaning Services Co. Ltd. shall comprise of nine directors, of whom three shall be appointed by Canvest Environmental Protection Group Company Limited. The deal is subject to all necessary board approval of Hong Kong Johnson Investments (BVI) Company Limited , all necessary board and/or shareholders approvals of Johnson Cleaning Services Co. Ltd., all consents, authorizations and approvals of all governmental or regulatory authorities, agencies, all consents of the existing shareholders of Canvest Environmental Protection Group Company Limited, due diligence and other conditions. The conditions precedent as may be waived in writing by Canvest Environmental Protection Group Company Limited. If any of the conditions are not fulfilled or waived at or before the long stop date, Canvest Environmental Protection Group Company Limited and/or Hong Kong Johnson Investments (BVI) Company Limited may terminate its obligations under the share sale and purchase agreement by providing written notification to the other party. The share sale and purchase agreement shall then lapse and be of no further effect and no party to the share sale and purchase agreement shall have liability and obligation to any other party, save in respect of any antecedent breaches of the share sale and purchase agreement. The long stop date of the deal is March 29, 2018. Completion is to take place on the third business day after the conditions are fulfilled or waived (as the case may be). Canvest Environmental Protection Group Company Limited (SEHK:1381) completed the acquisition of 41% stake in Johnson Cleaning Services Co. Ltd. from Hong Kong Johnson Investments (BVI) Company Limited on March 27, 2018.