S E A Holdings Limited (SEHK:251) entered into an agreement to acquire Silver Rank Development Limited for approximately HKD 550 million on May 4, 2017. The consideration is subject to adjustments on the basis of completion accounts. Under the terms of the transaction, S E A Holdings will make an initial deposit of HKD 18.01 million prior to the agreement, HKD 37.04 million on the date of agreement, and HKD 495.42 million on completion. The transaction will be funded through existing cash resources and bank borrowings. The transaction is not subject to any conditions. The transaction is expected to complete on June 13, 2017. As of December 31, 2016, Silver Rank reported net liabilities of HKD 16.06 million. S E A Holdings Limited (SEHK:251) cancelled the acquisition of Silver Rank Development Limited on May 4, 2018.