EASTERN HOME SHOPPING & LEISURE CO., LTD. entered into an agreement to acquire Spa business from Natural Beauty Bio-Technology Limited (SEHK:157) for TWD 37.4 million on July 22, 2020. The consideration will be paid to Natural Beauty as follows; TWD 10 million (approximately HKD 2.6 million) to be paid on agreement date, TWD 10 million (approximately HKD 2.6 million) to be paid within 30 days from date of transfer and remainder will be paid within 3 months from the date of transfer. Lei Chien, Pan Yi-Fan, Lu Yu-Min and Lin Shu-Hua are directors nominated by Eastern Media and therefore are considered to have a material interest in the supplemental agreements, 2020 CCT agreements, and transfer of Spa business agreement. The transaction is subject to independent Shareholders’ approval, reporting, announcement and annual review requirements under chapter 14A of the listing rules. On August 25, 2020, additional time is required by Natural Beauty Bio-Technology to prepare and finalise certain information to be included in the Circular, it is expected that the date of despatch of the Circular and the notice of the EGM will be further postponed to a date falling on or before September 9, 2020. On September 9, 2020, additional time is required by Natural Beauty Bio-Technology to prepare and finalise certain information to be included in the Circular, it is expected that the date of despatch of the Circular and the notice of the EGM will be postponed to a date falling on or before September 23, 2020. To approve the transaction shareholder meeting will be held on November 16, 2020. On November 16, 2020, shareholders of Natural Beauty Bio-Technology Limited approved the acquisition. The transaction is expected to close on September 1, 2020 or date of independent shareholders approval, whichever is later. EASTERN HOME intend to the net proceeds of the transaction for general working capital. Pelican Financial Limited acted as financial advisor to independent Board committee and independent shareholders of Natural Beauty Bio-Technology.