Fortune Insight Limited entered into a sale and purchase agreement to acquire interest in Global Pharm Holdings Group, Inc. from Adamas Finance Asia Limited (AIM:ADAM) for $15.6 million on September 15, 2017. The amount is payable by Fortune Insight Limited within 120 days from the date of signing. In the event that fortune does not meet its payment obligations, the interest would be transferred back to Adamas Finance Asia Limited. As per the revised terms updated on June 15, 2018, contained in a deed of amendment to the original sale and purchase agreement, involve a cash payment to be made by Fortune Insight Limited to Adamas Finance Asia Limited of $3 million. In addition, Adamas Finance Asia Limited intends to issue 17.7 million new ordinary shares of no par value each to Fortune Insight Limited at a subscription price of $0.71 thereby raising $12.6 million, meaning a total cash receipt for Adamas Finance Asia Limited of $15.6 million. As per announcement of March 29, 2018, Fortune Insight Limited has confirmed that funding required to complete the transaction has been secured. On January 12, 2018, Adamas Finance Asia Limited agreed to extend the date for payment of consideration to March 31, 2018. As of July 23, 2018, Adamas Finance Asia Limited has received $3 million cash component from Fortune Insight Limited. Tim Feather and Ed Allsopp of WH Ireland Limited acted as the financial advisor for Adamas Finance Asia Limited Finance Asia Limited. William Marle and Grant Bergman of finnCap Limited acted as the broker. Charles Ryland, Victoria Hayns and Henry Wilson of Buchanan acted as PR advisor to Adamas Finance Asia Limited.

Fortune Insight Limited completed the acquisition of Global Pharm Holdings Group, Inc. from Adamas Finance Asia Limited (AIM:ADAM) during year ended December 31, 2018.