Sino Coronet Group Limited made an offer to acquire the remaining 62.1% stake in Kwan On Holdings Limited (SEHK:1559) for approximately HKD 220 million on September 10, 2020. Under the terms of the transaction, Sino Coronet Group Limited will acquire 984 million shares in Kwan On Holdings Limited at HKD 0.22 per share. Sino Coronet Group Limited intends to fund the transaction from the internal cash resources. Sino Coronet Group Limited intends to maintain the listing of the shares on the Main Board of the Stock Exchange after the close or lapse of the offer. The offer is subject to valid acceptances being received in respect of shares which, together with shares already owned by the offeror and parties acting in concert with it and acquired before or during the offer, will result in the offeror and parties acting in concert with it holding more than 50% of the voting rights of Kwan On Holdings. The offer will commence from September 30, 2020, first closing date is October 21, 2020 and the final closing date assuming the Offer becomes or is declared unconditional on the first closing date is November 4, 2020. As on October 21, 2020, the offeror has received valid acceptances in respect of 231 million shares, representing approximately 14.59% stake in Kwan and offeror and parties acting in concert with it are interested in an aggregate of 831 million Shares, representing approximately 52.47% stake in Kwan. So, the minimum tender condition has been satisfied and the offer has become unconditional in all respects. The Offeror does not intend to avail itself of any powers of compulsory acquisition of any Shares outstanding after the close of the Offer. VMS Securities Limited acted as financial advisor to Sino Coronet Group Limited. Asian Capital Limited has been appointed as the independent financial adviser to the independent committee of the Board of Kwan On Holdings Limited.