HUANG Anfeng entered into the Sale and Purchase Agreement to acquire a 19% stake in TFG International Group Limited (SEHK:542) from Shirble Department Store Holdings (China) Limited (SEHK:312) for HKD 60.5 million on August 29, 2022. As part of the transactions, HUANG Anfeng will acquire 1,320 million shares at the price of HKD 0.0458 per share. The consideration comprises of; HKD 6,045,600 (representing 10% of the consideration) paid immediately after execution of the agreement and the balance of the consideration in the sum of HKD 54,410,400 shall be paid upon completion.

Completion is conditional upon the satisfaction of conditions including the listing status of TFG not having been withdrawn and certain warranties to be given by the Vendor remaining true and accurate upon the date of the completion. As of September 6, 2022, one of the major shareholders of Shirble Department Store Holdings (China) Limited approved the deal. Hence, the Shirble Department would not convene a general meeting for the purpose of seeking the approval of the shareholders on the disposal pursuant.

Completion shall take place within 60 days after the date of the agreement.