S E A Holdings Limited (SEHK:251) entered into an agreement to acquire Sunni City Limited from Yip Shiu-Kwong and Yip Choi Sheung-Kwan for approximately HKD 140 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 4.4 million prior to the agreement, HKD 9.12 million on the date of agreement, and HKD 122.1 million on completion. The transaction will be funded through existing cash resources and bank borrowings. As of December 31, 2016, Sunny City reported net liabilities of HKD 4.8 million. The transaction is not subject to any conditions. The transaction is expected to complete on June 13, 2017. S E A Holdings Limited (SEHK:251) completed the acquisition of Sunni City Limited from Yip Shiu-Kwong and Yip Choi Sheung-Kwan on June 13, 2017.