Wong Chi Kwok, Suen Fai Chuen Alan, He Lin and others entered into an agreement to acquire KFM Group Ltd from KFM Kingdom Holdings Limited (SEHK:3816) for HKD 44 million on January 22, 2020. Wong Chi Kwok, Suen Fai Chuen Alan, He Lin and others will acquire 0.1 million shares representing 100% stake of KFM Group Ltd. KFM reported a revenue of HKD 191 million, Net Income of HKD 10.6 million and Profit before Tax of HKD 9.21 million in the year ending on September 30, 2019. Transaction is subject to certain conditions including fulfillment of all requirements imposed by Stock Exchange, all necessary consents, authorizations or other approvals having been obatained from stock exchange or any regulatory authority. KFM Kingdom Holdings Limited has established an independent Board committee to advise independent shareholders. If all of the conditions not fulfilled by March 31, 2020, agreement will lapse and no party shall have any claim against other party. Veda Capital Limited acted as independent financial advisors to independent Board committee and independent shareholders of KFM Kingdom Holdings Limited.