Lai Leong entered into a share sale and purchase agreement to acquire 75% stake in Hanbo Enterprises Holdings Limited (SEHK:1367) from Happy Zone Limited, Capital Oasis Holdings Limited, Cheng Lap Yin, Yu Yuen Mau and Kao Lap Shing for approximately HKD 510 million on October 17, 2016. Under the terms of the transaction, Lai Leong will acquire 360 million shares. Hanbo Enterprises Holdings Limited will pay earnest money in the amount of HKD 20 million. The consideration will be funded by internal resources and loan facilities of HKD 411.252 million. Happy Zone Limited will sell 156.06 million shares, Capital Oasis Holdings Limited will sell 18.36 million shares, Cheng Lap Yin will sell 165.6 million shares, Yu Yuen Mau will sell 10.8 million shares and Kao Lap Shing will sell 9.18 million shares in the transaction. Upon completion of the transaction, Plus Value International Limited will make a mandatory unconditional cash offer for the remaining 25% stake in Hanbo Enterprises Holdings Limited. The transaction will be financed by internal resources and the facilities. The transaction is subject to approval by regulatory authorities and third party approval which should be fulfilled or waived off on or before October 31, 2016. The completion is to take place on or before the sixth business day next following the date of fulfillment or waiver (as the case may be) of the conditions precedent pursuant to the agreement or such other date as agreed in writing. Lego Corporate Finance Ltd acted as financial advisor for Hanbo. Lai Leong completed the acquisition of 75% stake in Hanbo Enterprises Holdings Limited (SEHK:1367) from Happy Zone Limited, Capital Oasis Holdings Limited, Cheng Lap Yin, Yu Yuen Mau and Kao Lap Shing on October 20, 2016.