Or Wei Sheun made an offer to acquire remaining 46.2% stake in Polytec Asset Holdings Limited (SEHK:208) from group of shareholders for HKD 3.1 billion on January 17, 2021. Under the terms of agreement, there will be no change in the shareholding structure of the Company before completion of the Proposal and based on the Cancellation Price of HKD 1.50 per Scheme Share and a total of 2 billion Scheme Shares. The sellers include Wong Yuk Ching, Yeung Kwok Kwong, Chio Koc Ieng, Lai Ka Fai, Or Pui Ying, Peranza and Or Pui Kwan. The Offeror intends to finance the implementation of the Scheme through available loan facilities. The deal is subject to the approval of the Scheme by shareholders of Polytec Asset Holdings Limited, Court Meeting, all authorizations, registrations, filings, rulings, consents, opinions, permissions and approvals in connection with the Proposal required before the Scheme becoming effective having been obtained from, given by or made with the Relevant Authorities, in the Cayman Islands, Hong Kong and any other relevant jurisdictions. As on February 11, 2021, extension to the time limit for dispatching the Scheme Document has been granted to April 16, 2021. Board of Polytec Asset Holdings Limited recommend the share holder to vote in favor of transaction. As of April 15, 2021, Court meeting and EGM will held on May 10, 2021. The The deal is expected to be completed by June 30, 2021. Rainbow Capital (HK) Limited, BOCI Asia Limited and Somerley Capital Limited acted as financial advisors to Polytec Asset Holdings Limited in the deal. BOCI Asia Limited and Somerley Capital Limited acted as financial advisors Or Wei Sheun.