Lam Chi Ho entered into sale and purchase agreement to acquire Fittec Electronics Company Limited from Camsing International Holding Limited (SEHK:2662) for HKD 140 million on April 11, 2018. Under the terms, Lam Chi Ho will acquire 101 ordinary shares of Fittec Electronics Company Limited. The consideration will be paid in cash in the following manner: an initial deposit in the amount of HKD 50 million shall be payable to the Camsing International Holding Limited within 10 business days after signing of the sale and purchase agreement; a further deposit in the amount of HKD 50 million shall be payable within 45 Business Days after signing of the sale and purchase agreement; and the remaining balance of the consideration of HKD 40 million shall be payable upon completion. Upon Completion, Camsing International Holding Limited will not hold any interest in the Fittec Electronics Company Limited. Fittec Electronics Company Limited reported revenue of HKD 479.6 million and net loss of HKD 7.8 million for the year ended June 30, 2017. The transaction is subject to all necessary statutory, governmental and regulatory approvals, consents, waivers, authorization, registration, filings and compliance with all the requirements under the listing rules and other applicable governmental authority in connection with the transactions contemplated under the sale and purchase agreement having been obtained, and each such approval, consent, waiver, authorization, registration and filing remaining entirely valid; all necessary third party consents and waivers in connection with the transactions contemplated under the sale and purchase agreement having been obtained; approval from the independent shareholders of Camsing International Holding Limited and Camsing International Holding Limited having complied with and to the satisfaction of the stock exchange all requirements under the listing rules in relation to the transaction. As of October 31, 2018, shareholders meeting of Camsing International Holding Limited will held on November 16, 2016 and Board and independent board committee of Camsing International recommended shareholders to vote in favor of the transaction. As of November 16, 2016, shareholders meeting of Camsing International Holding Limited approved the transaction. The Independent Board Committee comprising all independent non-executive Directors has been formed to advise the Independent Shareholders in respect of the transaction. The completion shall take place on the third business day after fulfillment of all conditions in the transaction. If the conditions is not satisfied or waived on or before September 30, 2018, the transaction will terminate immediately thereafter and the initial deposit and further deposit received thus far by the Camsing International Holding Limited shall be returned to the Lam Chi Ho. On September 26, 2018, the long stop date of the transaction extended from September 30, 2018 to December 31, 2018. The consideration will be used for development and expansion of the pan-entertainment business (including but not limited to the development management and licensing of IP and the sales and promotion of IP derivative products) and general working capital of the Camsing International Holding Limited and its subsidiaries. Nuada Limited acted as financial adviser to the Independent Board Committee and the Independent Shareholders of Camsing International Holding Limited. Donvex Capital Limited acted as financial adviser to Camsing International Holding Limited. Deloitte Touche Tohmatsu Hong Kong SAR acted as accounted for Camsing International Holding Limited, BMI Appraisals Limited acted as independent valuer in the transaction. Lam Chi Ho completed the acquisition of Fittec Electronics Company Limited from Camsing International Holding Limited (SEHK:2662) on November 19, 2018. All the conditions precedent to the transaction have been fulfilled.