CMMB Vision Holdings Limited signed a sale and purchase agreement to acquire 79% stake in Chi Vision Inc from Chi Capital Holdings Ltd. for $77.5 million.
For the year ending December 31, 2013, the net profits before and after taxation attributable to the assets of Chi Vision are nil. As at January 31, 2014, Chi Vision had no liabilities and its net asset value was $0.05 million. The transaction is subject to satisfactory due diligence on the legal, regulatory and financial status of Chi Vision, issue of valuation report on the 79% interest of Chi Vision to be acquired by CMMB Vision Holdings by an independent professional valuer, relevant board resolutions, shareholders' approval, regulatory approvals where applicable, all other approvals, consents, licenses, permits, transfers, waivers and exemptions necessary to complete and effect the acquisition having been obtained and the representations and warranties given by the parties in the agreement being true and correct in all material respects. An independent board committee has been setup to consider the terms of the agreement. As on November 16, 2014, the circular is expected to be dispatched to the shareholders on or before 30 November 2014. As of December 31, 2014, the Independent Board Committee recommended the independent shareholders to approve the transaction in the extraordinary general meeting to be held on January 23, 2015. As of January 23, 2015, the deal was approved by the shareholders of CMMB Vision Holdings. Veda Capital acted as the financial advisor to CMMB Vision Holdings. Computershare Hong Kong Investor Services Limited acted as share registrar for CMMB Vision Holdings.