Man Wah Holdings Limited (SEHK:1999) signed a framework agreement to acquire a 60% stake in HTL International Holdings Limited from Ideal Homes International Limited for $94.2 million on July 10, 2020. Under the terms, the equity stake will be purchased for up to $60 million and up to $57 million will be made available to settle some of the target's payables. 40% of the target's payables will be assigned to the Vendor on a dollar for dollar basis. The maximum cash outlay in connection with the acquisition and the target group payables is $94.2 million. Man Wah currently expects to finance the Consideration by its internal resources. Post completion, Ideal Homes will own a 40% stake in HTL International. As of September 10, 2020, Man Wah Holdings Limited informed that the subsidiaries forming the target group and the related debts owed by the target group to its creditors have been sold to a third party by the judicial managers of HTL International Holdings Limited. For the year ended December 31, 2019, net profit after tax of $38.5 million. The transaction is subject to the completion of the definitive assignment; completion of the due diligence on the target; all necessary applicable consents, approvals (including board and shareholder resolutions) and waivers from Man Wah and the vendor. Man Wah has obtained a written approval from its shareholders representing 65.11% of the issued share capital, therefore no general meeting of Man Wah will be convened to approve the acquisition. The transaction has a long stop date of October 31, 2020 for completion. Man Wah Holdings Limited (SEHK:1999) cancelled the acquisition of 60% stake in HTL International Holdings Limited from Ideal Homes International Limited on October 19, 2020.