CK Life Sciences Int'l., (Holdings) Inc. (SEHK:775) entered into an agreement to acquire 50% stake in Dominion Salt Ltd from Cerebos Gregg's Limited for approximately HKD 190 million on May 9, 2017. CK Life Sciences Int'l., (Holdings) Inc. will acquire 0.45 million shares of Dominion Salt Ltd. The consideration is subject to adjustments. The amount of adjustments will not exceed approximately HKD 190 million. If the amount equal to the working capital of Dominion Salt Ltd as at completion plus net debt of Dominion Salt Ltd as at completion is less than the amount equal to the sum of estimated working capital and estimated net debt of Dominion Salt Ltd as specified in the acquisition agreement, the consideration will be decreased by 50% of the amount by which Dominion Salt Ltd completion amount is less than Dominion Salt Ltd estimated amount, if Dominion Salt Ltd completion amount exceeds Dominion Salt Ltd.’s estimated amount, the consideration will be increased by 50% of the amount by which Dominion Salt Ltd completion amount exceeds Dominion Salt Ltd estimated amount and if Dominion Salt Ltd completion amount is equal to Dominion Salt Ltd estimated amount, the consideration will not be adjusted. The adjustment amount will be settled within five business days after the date on which Dominion Salt Ltd completion amount is determined in accordance with the terms of the acquisition agreement or such other date agreed by the parties. After the transaction, Dominion Salt Ltd will operate as a wholly owned subsidiary of CK Life Sciences Int'l., (Holdings) Inc. In related transactions, Cerebos (Australia) Limited, another subsidiary of Cerebros Pacific entered into the share purchase agreement to acquire the 55.88% stake in Salpak Proprietary Limited from Cheetham Salt Limited and Cerebos Gregg's Limited entered into the share purchase agreement to acquire 49% stake in Cerebos-Skellerup Limited. The consideration will be settled out of the net proceeds from the disposal of Cerebos-Skellerup Limited and Salpak Proprietary Limited and internal resources of CK Life Sciences Group. The transaction may be terminated if condition has become incapable of satisfaction, condition has not been satisfied before 12 months after the date of the agreement, or any other date agreed in writing between the parties to the agreement or if the condition has been satisfied on or before 12 months after the date of the agreement, or any other date agreed in writing between the parties to the agreement but ceases to be satisfied before completion of the acquisition. Cerebos Gregg's Limited will pay approximately HKD 96.5 million as termination fee. Dominion Salt Ltd reported net asset value of approximately HKD 154.24 million and net profit of approximately HKD 20.1 million in 2016. The transaction is subject to all necessary consents being received by CK Life Sciences Int'l under the Overseas Investment Act 2005 of New Zealand in respect of the acquisition. The Board of CK Life Sciences Int'l., (Holdings) Inc. approved the transaction. The transaction is exempt from independent shareholders’ approval. Completion shall take place on the last day of the month during which the condition has been satisfied. The transaction is expected to be earnings accretive to CK Life Sciences Int'l., (Holdings) Inc.