Chan Koon Wa made an offer to acquire a 40.96% stake in Kantone Holdings Limited (SEHK:1059) for HKD 41 million on May 31, 2021. Offeror will acquire 88.900548 shares at a price of HKD 0.461 per share in cash. The Offeror intends to finance the consideration payable under the Offer by the loan facility granted to it by Kingston Securities. In a related transaction, Chan Koon Wa signed an agreement to acquire 59.04% stake in Kantone Holdings Limited from Champion Technology Holdings Limited (SEHK:92) for HKD 59.1 million on May 31, 2021. Kantone Board is currently made up of seven Directors, comprising two executive Directors, being Wong Man Winny and Wu Yunjing; two non-executive Directors, being Liu Ka Lim and To Yin Fong Cecilica; and three independent non-executive Directors, being Leung Man Fai, Chung Sau Wai Ada and Clayton Ip. Chan Koon Wa intends to join Kantone Board as the executive Director. Offeror intends to continue the existing principal businesses of the Kantone. Following the close of the Offer, the Offeror intends to continue the existing principal businesses of the Kantone. The Offeror intends to maintain the listing of the Kantone Shares on the Stock Exchange. Offer will be unconditional in all respects. The Kantone Independent Board Committee has been formed to advise the Kantone Independent Shareholders as to whether the terms of the Offer are fair and reasonable and as to acceptance of the Offer. Committee comprising Man Fai, Chung Sau Wai Ada and Clayton Ip, all being independent non-executive directors of Kantone. The Offeror does not intend to avail itself of any powers of compulsory acquisition of any Shares outstanding after the close of the Offer. As of December 3, 2021, Kantone Independent Board Committee consider that the terms of the Offer are fair and reasonable and recommend the Independent Shareholders to accept the Offer. Offers opens for acceptance on December 3, 2021, and will close on December 28, 2021. Kingston Corporate Finance Limited acted as financial advisor to Chan Koon Wa. Donvex Capital Limited acted as financial advisor to The Kantone Independent Board Committee. Tricor Secretaries Limited acted as registrar to Kantone. Chan Koon Wa completed the acquisition of a 3.91% stake in Kantone Holdings Limited (SEHK:1059) for HKD 3.9 million on December 28, 2021. At the close of Offer on December 28, 2021, Offeror received valid acceptances in respect of a total of 8,490,486 Offer Shares. Post completion of Offer, Chan Koon Wa and parties acting in concert with it were interested in a total of 136,628,444 Shares, representing approximately 62.95% of the entire issued share capital of Kantone.