Hony Gold GP Limited made an offer to acquire an additional 16.4% stake in International Elite Ltd. (SEHK:1328) for approximately HKD 220 million on July 30, 2018. Hony Gold GP Limited made an offer to acquire additional 1.9 billion shares at HKD 0.11931 per share. In a related transaction, Hony Gold GP Limited entered into a share purchase agreement to acquire additional 50.75% stake in International Elite Ltd from Ever Prosper International Limited, Li Kin Shing and Kwok King Wa for HKD 550 million on July 30, 2018. Hony Gold GP Limited intends to finance the consideration payable under the offer through its internal resources. Following completion of the offer transaction, it is expected that all Executive Directors will resign from the Board of Directors of International Elite Ltd. Post completion, Li Kin Yin will continue to act as General Manager of customer relationship management business. Li Kin Yin, currently responsible for International Elite Ltd.s overall management, corporate planning and business development, especially the customer relationship management business. It is intended that Hony Gold GP Limited will nominate four new Executive Directors the Board with effect from a date not earlier than the date of the composite document. Hony Gold GP Limited intends to maintain the listing status of International Elite Ltd.
The offer is unconditional in all respects and will not be conditional upon a minimum number of shares or any other conditions. International Elite Ltd has established an independent Board committee comprising all independent Non-Executive Directors namely Chen Xue Dao, Cheung Sai Mign and Liu Chun Bao has been established to recommend the independent shareholders. The offer will start on December 6, 2018 and will end on December 27, 2018. Somerley Capital Limited acted as financial advisor to Hony Gold GP Limited. Lego Corporate Finance Limited and China Galaxy International Securities (Hong Kong) Company Limited acted as independent financial advisors to International Elite Ltd.
Hony Gold GP Limited completed the acquisition of an additional 0.26% stake in International Elite Ltd. (SEHK:1328) for HKD 3.5 million on December 27, 2018.