Smart Globe Holdings Limited entered into an agreement to acquire 5% stake in Veivo Web Technology Limited from Delta Investment Holding Group Limited for HKD 87 million.

Smart Globe Holdings Limited (SEHK:1481) entered into an agreement to acquire 5% of stake in Veivo Web Technology Limited from Delta Investment Holding Group Limited for HKD 87 million on September 14, 2022. The consideration is combination of cash and shares payments. Pursuant to the Supplemental Agreement, the Revised Consideration of approximately HKD 87 million shall be satisfied in the following manner:(i) as to approximately HKD 57.135 million by the allotment and issue of 180 million Consideration Shares at the revised issue price of HKD 0.3175 per Consideration Share to the Vendor (or his nominee(s)), credited as fully paid, upon Completion; and (ii) as to the remaining HKD 30 million by the issue of the Promissory Note to the Vendor (or his nominee(s)).

As of January 20, 2023, the deal completion is subject to the fulfillment of certain conditions precedent set out in the agreement and the expected closing date extended to March 21, 2023.