Samson Holding Ltd. (SEHK:531) signed a share transfer agreement to acquire 70% stake in Timber Industries Co., Ltd. (Vietnam) from Hsu Wei-Fu for $32.6 million on July 16, 2019. Samson Holding will pay 30% of the consideration on the date of share transfer agreement, 20% of the consideration to be paid upon transfer of the de facto control of Timber Industries by July 31, 2019 and the remaining 50% of the consideration to be paid upon completion of the transfer registration. The transaction will be funded by the internal resources of Samson Holding. The transaction may be terminated by mutual consent of all parties or by Hsu Wei-Fu if the payment is overdue by 15 days or more or by Samson Holding if Hsu Wei-Fu fails to hand over the assets of Jolly State International Limited within 15 days from July 31, 2019 or transfer 100% shares of Timber Industries to Jolly State International within 120 days from the date of share transfer agreement. For the year ended December 31, 2018, Timber Industries has net assets of $17.2 million and net after before tax of $2.3 million. Samson Holding Ltd. (SEHK:531) completed the acquisition of 70% stake in Timber Industries Co., Ltd. (Vietnam) from Hsu Wei-Fu on July 16, 2019.