Chan Wa Faat signed an agreement to acquire 92.3% stake in REDtone Asia, Inc. from REDtone International Bhd (KLSE:REDTONE) for CNY 38.3 million on October 7, 2016. Million Vision will assume CNY 21.3 million of debt being owed to REDtone Asia by REDtone International and the balance of CNY 17 million in cash. The transaction is not subject to approval by shareholders of REDtone International or any regulatory authority. The Board of Directors of REDtone International is of the opinion that the transaction is in the best interest of REDtone International. The transaction is expected to be completed within 21 days. The disposal is not expected to have any material impact on the NA and gearing of the RIB Group for the current financial year ending April 30, 2017. The net loss of the Redtone Asia Inc. Group for the financial period ended April 30, 2016 is CNY 10.72 million.

Chan Wa Faat completed the acquisition of 92.3% stake in REDtone Asia, Inc. from REDtone International Bhd (KLSE:REDTONE) on October 28, 2016. Following the execution of the  supplemental share sale agreement, Chan Wa Faat assumed additional debt owing by REDtone International to the REDtone Asia Group totaling CNY 17 million equivalent to the cash portion of the consideration as full and final settlement of the consideration.