Karrie International Holdings Ltd. (SEHK:1050) entered into a conditional sale and purchase agreement to acquire 70% stake in Full House Lifestyle Concept Sdn. Bhd., 70% stake in Full House Management Sdn. Bhd., 70% stake in Trendtastik Sdn. Bhd., 35% stake in Fullhouse Pastry Sdn. Bhd., 42% stake in Layar Sinarmas Sdn. Bhd., 17.5% stake in Peak Century Sdn. Bhd. and 14% stake in Fullhouse Singapore Pte. Ltd. from Full House Lifestyle Store and Cafe Sdn. Bhd for HKD 24 million on August 14, 2012. Pursuant to the agreement, Full House Lifestyle Store and Cafe will grant the exclusive license rights to carry on the operation of existing and new restaurants and cafes with the trade name of ‘‘Fullhouse'' in South East Asia to Karrie. Upon completion, Full House Lifestyle Concept Sdn. Bhd., Full House Management Sdn. Bhd. and Trendtastik Sdn. Bhd. will become non-wholly owned subsidiaries and Fullhouse Pastry Sdn. and Layar Sinarmas Sdn. Bhd. will become associated companies of Karrie.

The transaction is conditional upon certain conditions precedent being satisfied including due diligence and is expected to complete on September 28, 2012. If any of the conditions precedent have not been fulfilled on or before October 31, 2012 or such later date as agreed by the parties, the agreement shall lapse and the parties shall not be bound to proceed with the acquisition except for any antecedent breaches of the agreement. The transaction is expected to close by March 31, 2013.

Karrie International Holdings Ltd. (SEHK:1050) completed the acquisition of 70% stake in Full House Lifestyle Concept Sdn. Bhd., 70% stake in Full House Management Sdn. Bhd., 70% stake in Trendtastik Sdn. Bhd., 35% stake in Fullhouse Pastry Sdn. Bhd., 42% stake in Layar Sinarmas Sdn. Bhd., 17.5% stake in Peak Century Sdn. Bhd. and 14% stake in Fullhouse Singapore Pte. Ltd. from Full House Lifestyle Store and Cafe Sdn. Bhd on December 31, 2012.