Tse Sik Hung, David, Hon Suk Yee and Golden Resources Development International Limited (SEHK:677) entered into agreement to acquire Earth Limited from Sau San Tong Holdings Limited (SEHK:8200) for HKD 23 million on June 1, 2020. Upon Completion, Earth Limited will cease to be a subsidiary of Sau San Tong Holdings Limited. The buyer will also acquire loan owed to Sau San Tong Holdings Limited of HKD 17.1 million. Consideration is payable in following manner: HKD 1 million being initial deposit has been paid by the Purchaser, HKD 1.3 million being further deposit shall be paid by the Purchaser on or before June 26, 2020; and HKD 20.7 million shall be paid upon completion. Formal agreement shall be entered on or before June 26, 2020. For the Year ended March 31, 2020 Earth Limited has net profit of HKD 9.4 million and net assets of HKD 4.5 million. Sau San Tong Holdings Limited Board recommended shareholders to vote in favor of the transaction. Transaction is conditional on due diligence investigation and Sau San Tong Holdings Limited shareholders’ approval. INCU Corporate Finance Limited acted as financial adviser for Sau San Tong Holdings Limited. Tse Sik Hung, David, Hon Suk Yee and Golden Resources Development International Limited (SEHK:677) completed the acquisition of Earth Limited from Sau San Tong Holdings Limited (SEHK:8200) on August 28, 2020.