Starlight Culture Entertainment Group Limited (SEHK:1159) entered into a memorandum of understanding to acquire a 51% stake in Asia Culture Entertainment Group on July 15, 2021. The consideration for the Possible Acquisition will be satisfied by way of issue of new shares of the Company at a per share price of HK$1.65. Pursuant to the MOU, Starlight Culture Entertainment Group Limited will be entitled to, upon execution of the MOU, conduct due diligence review on the ACEG Group with a view to acquiring the Asia Culture Entertainment Group Shares or Assets. The transaction is subject to execution of definitive agreement.