Asia Allied Infrastructure Holdings Limited (SEHK:711) made an offer to acquire 59.23% stake in Modern Living Investments Holdings Limited (SEHK:8426) from Ng Fuk Wah, Ho Chu Ming, Tang Kong Fuk, Tam Mo Kit, Sung Alfred Lee Ming and Ho Tik Wai for approximately HKD 170 million on January 26, 2024. Under the terms, an initial consideration of HKD 136.85 million shall be paid at completion while HKD 29 million shall be paid if profit targets are met. The price per share is HKD 0.35. An Independent Board Committee was established. Asia Allied shall fund the initial consideration through a loan facility from Chong Hing Bank. The deal is subject to approval by shareholders of Asia Allied and regulatory approvals. The transaction was approved by the shareholders of Asia Allied. The long stop date is March 31, 2024. Red Solar Capital Limited as financial advisor to Modern Living Investments Holdings Limited. SOMERLEY CAPITAL LIMITED acted as financial advisor to Asia Allied Infrastructure Holdings Limited.

Asia Allied Infrastructure Holdings Limited (SEHK:711) completed the acquisition of 59.23% stake in Modern Living Investments Holdings Limited (SEHK:8426) from Ng Fuk Wah, Ho Chu Ming, Tang Kong Fuk, Tam Mo Kit, Sung Alfred Lee Ming and Ho Tik Wai on February 21, 2024.