Chao Shih-Heng made an offer to acquire additional 8.7% stake in Natural Beauty Bio-Technology Limited (SEHK:157) for approximately HKD 160 million on October 5, 2018. Chao Shih-Heng will acquire 173.3 million shares of Natural Beauty Bio-Technology Limited for HKD 0.9 per share. The offer consideration shall be payable in cash. The commencement date of the offer shall be October 26, 2018. The offeror intends to finance the offer consideration by a combination of (i) its own internal resources; and (ii) the loan facilities. In connection with the loan facilities, the loan deeds have been entered into by, among others, the offeror, in favour of King’s Town Bank. It is intended by the offeror that the current independent non-executive Directors will continue to remain in their offices after the close of the offer. The offeror intends to continue with the principal activities and maintain the listing status of Natural Beauty Bio-Technology. The offeror has nominated Chien Lei AKA Chien Joanna Lei as an executive director and chairperson of the board, Pan Yi-Fan Ivan as an executive director and Hsiao Wen-Chung as a non-executive director. Independent board committee recommends the independent shareholders to accept the offer. Independent board committee of the company comprising all the non-executive Directors (save for Su Sh-Hsyu), namely Chen Ruey-Long, Lu Chi-Chant and Hsieh PangChang, is formed for the purpose of making a recommendation to the independent shareholders regarding the terms of the offer. The closing date of the offer shall be November 16, 2018. CCB International Capital Limited is appointed as the financial advisor to Chao Shih-Heng. Lego Corporate Finance Limited acted as financial advisor to the independent board committee. Chao Shih-Heng cancelled the acquisition of additional 8.7% stake in Natural Beauty Bio-Technology Limited (SEHK:157) on October 5, 2019.