CMMB Vision Holdings Limited (SEHK:471) entered into a sale and purchase agreement to acquire 20% stake in Silkwave Holdings Limited from Chi Capital Holdings Ltd. for $240 million on October 31, 2016. Under the terms, CMMB Vision Holdings Limited (SEHK:471) will acquire 0.002 million shares, representing 20% stake in Silkwave Holdings. The consideration will be satisfied as $68.8 million in cash paid as the deposit, $25.2 million in cash by no later than 5 years upon completion, $96 million by the issue of convertible notes, and $50 million by transferring CMMB Vision's 49% interest in Global Vision Media Technology Company to Silkwave Holdings. The cash portion is funded from financial assistance received from Chi Capital. Following the completion of the transaction, CMMB Vision will hold 20% stake and Chi Capital Holdings will hold 35% stake in Silkwave Holdings. Concurrently, CMMB Vision Holdings Limited (SEHK:471) got a call option from Wong Chau Chi to acquire an additional 31% stake in Silkwave Holdings. The Board will retain the responsibility of monitoring and overseeing the corporate management and financial affairs of the Enlarged Group. There is no proposed change to the existing composition of the Board or the senior management of CMMB Vision Holdings Limited following the completion. As at September 30, 2016, Silkwave Holdings reported net assets value of $358.67 million. The transaction is subject to completion of due diligence, approval of independent shareholders of CMMB Vision Holdings Limited, listing of new shares on stock exchange, completion of pre-acquisition restructuring, the relevant broadcasting licenses and the uplink permit or equivalent approval issued by the relevant Authority in China. The transaction was recommended by the Board of Directors of CMMB Vision Holdings Limited. As of April 21, 2017 the transaction received approval of shareholders of CMMB Vision Holdings Limited. Computershare Hong Kong Investor Services Limited acted as the registrar, HLM CPA Limited acted as an accountant, Roma Appraisals Limited acted as the valuer and Veda Capital Limited acted as a financial advisor to the independent Board committee and independent shareholders of CMMB Vision Holdings Limited. CMMB Vision Holdings Limited (SEHK:471) completed the acquisition of 20% stake in Silkwave Holdings Limited from Chi Capital Holdings Ltd. on May 29, 2018.