Qingda Developments Limited completed the acquisition of 60.82% stake in Midas International Holdings Limited from Chuang's Consortium International Limited.
As on December 15, 2017, Qingda Developments Limited entered into definitive agreement to acquire 60.82% stake in Midas International Holdings Limited from Chuang's Consortium International Limited for approximately HKD 780 million. The mode of payment is cash. In a related transaction Qingda Developments Limited offered to acquire remaining 39.18% stake in Midas International Holdings Limited from Chuang's Consortium International Limited for approximately HKD 510 million. The existing Directors of Midas International Holdings Limited will resign pursuant to agreement. The transaction is subject to approval of stock exchange and other conditions. The transaction is expected to close fifth business day after fulfillment of conditions. The proceeds will be used by Chuang's Consortium International Limited general working capital and for the development of existing businesses. Somerley Capital Limited acted as financial advisor for Chuang's Consortium International Limited.
Qingda Developments Limited completed the acquisition of 60.82% stake in Midas International Holdings Limited (SEHK:1172) from Chuang's Consortium International Limited (SEHK:367) on December 19, 2017. Upon completion, Midas International Holdings Limited ceased to be subsidiaries of Chuang's Consortium International Limited.