Var Chouda entered into a memorandum of understanding to acquire 80% stake in Sou Ching Port Investment Co., Ltd. from Sino Haijing Holdings Limited (SEHK:1106) for $50 million on December 6, 2017. The exact amount, the manner and the method of payment of the consideration will be negotiated between the companies based on the results of the due diligence investigation to be conducted by Sino Haijing Holdings Limited. It is expected that a formal agreement will be procured within 90 days of execution of memorandum of understanding. Var Chouda cancelled the acquisition of 80% stake in Sou Ching Port Investment Co., Ltd. from Sino Haijing Holdings Limited (SEHK:1106) on December 6, 2018.