Lai Leong made a mandatory unconditional cash offer for acquiring remaining 25% stake in Hanbo Enterprises Holdings Limited (SEHK:1367) from public shareholders for approximately HKD 170 million on October 17, 2016. Under the terms of the transaction, Lai Leong will acquire remaining 120 million shares from public shareholders at HKD 1.4271 per offer share. In a related transaction, 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. The consideration will be funded by internal resources and loan facilities of HKD 411.252 million. 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 transaction is subject to completion of the share purchase agreement. An Independent Board Committee has been established comprising of independent non-executive Directors, namely Chung Kwok Pan, Lai Kin Keung and Lau Chart Chou, to make a recommendation to the independent shareholders in relation to the share offer as to whether the terms of the share offer are fair and reasonable and as to the acceptance of the share offer. The offeror intends to maintain the listing of Hanbo and does not intend to compulsorily acquire the remaining shares if not tendered through offer. The independent Board committee of Hanbo Enterprises recommended the shareholders to accept the offer. Lego Corporate Finance Limited acted as financial advisor to Hanbo Enterprises Holdings Limited. Haitong International Capital Limited acted as financial advisor to offeror in the transaction. Goldin Financial Holdings Limited (SEHK:530) acted as independent financial advisor to Hanbo Enterprises. Union Registrars Limited acted as registrar for Hanbo Enterprises. Lai Leong completed the acquisition of additional 0.02% stake in Hanbo Enterprises Holdings Limited (SEHK:1367) for HKD 0.14 million on November 28, 2017. As on November 28, 2017, 0.01 million shares being tendered. Cheng Lap Yin, Liu Chung Tong, Liu Ying Yin, James, Kao Lap Shing and Yu Yuen Mau, Banny being the Executive Directors and Chung Kwok Pan, Lai Kin Keung and Lau Chart Chou, being the independent Non-Executive Directors has resigned from their respective positions. Lam Kwan Sing, Wong Nga Leung, Fok Ho Yin, Thomas, Chan Wai Cheung, Admiral and Hon Ming have been appointed as independent Non-Executive Directors. Lam Kwan Sing has also been appointed as the Chief Executive Officer of Hanbo Enterprises Holdings Limited. Man Tsz Sai, Lavender has been appointed as the Hanbo Enterprises Holdings Limited Secretary and the Process Agent. Lam Kwan Sing and Ms. Man Tsz Sai, Lavender have been appointed as the authorized representatives.