Season Pacific Holdings Limited (SEHK:1709) entered into an agreement to acquire DA Finance (HK) Limited and DA Capital (HK) Limited from Chen Ningdi for HKD 42 million on March 6, 2019. A refundable deposit of HKD 21 million shall be paid upon the signing of the agreement and remaining will be paid upon completion. Season Pacific Holdings Limited will fund the transaction from proceeds from internal resources. As of December 31, 2018, DA Capital reported revenues of HKD 48.3 million, profit after tax of HKD 1.9 million and net assets of 16.7 million and DA Finance reported revenues of HKD 0.03 million, net loss of HKD 0.03 million and net liabilities of HKD 0.018 million. On May 2, 2019, name of DA Capital (HK) Limited was changed to DL Securities (HK) Limited. On August 7, 2019, the parties of the transaction entered into a supplemental agreement, according to which provisions relating to the completion have been amended to remove the requirements in respect of DA finance. Under the supplemental agreement, if the condition set out in the announcement is not fulfilled, then Season Pacific Holdings is not obliged to purchase DA finance sale shares and consideration will be adjusted and reduced by the amount equal to the value of DA Finance being HKD 0.41 million The transaction is subject to the consummation of due diligence investigation, approval from Securities and Futures Commission of Hong Kong, minimum balance sheet requirement and approval from the shareholders of Season Pacific Holdings Limited. As on August 15, 2019, the transaction has been approved by the Board of Season Pacific. On September 9, 2019, the shareholders of Season Pacific Holdings Limited approved the transaction. An Independent Board Committee comprising Chang Eric Jackson,Choi Sheung Jeffrey and Luk Huen Ling Claire has been established to advise the independent shareholders in respect of the acquisition. The transaction is expected to close on May 31, 2020. Grand Vinco Capital Limited is appointed as the financial advisor to the independent board committee and Kingston Corporate Finance Limited acted as financial advisor to Season Pacific Holdings Limited. Roma Appraisals Limited acted as independent valuer in the transaction. Boardroom Share Registrars (HK) Limited acted as scrutineer in the transaction.