Daiwa Associate Holdings Ltd. announced that the Board has been informed by the selling shareholders that the selling shareholders and the offeror entered into the sale and purchase agreement on 29 April 2015, pursuant to which the selling shareholders conditionally agreed to sell or procure the sale of the sale shares as (direct or indirect) beneficial owners and the offeror conditionally agreed to acquire the sale shares for a consideration of approximately HKD 276.0 million (equivalent to HKD 1.144 per sale share). Upon the disposal completion, the company proposes a special dividend of no less than HKD 0.2 per share to be distributed and paid in cash to the shareholders whose names are registered on the register of members of the company on the record date, subject to the approval of the independent shareholders having been obtained and the disposal completion having taken place.

The company announced that the board is currently made up of eight directors, comprising five executive directors and three independent non-executive directors. It is expected that Mr. Lau and Mr. Fung Wai Ching will remain as executive Directors after the share offer completion, whereas all the other directors will resign. The offeror intends to nominate seven new directors to the board including the following at the earliest time as allowed under the takeovers code and any such appointment will be made in compliance with the takeovers code and the listing rules.