Faith Sino Ventures Limited entered into Sale and Purchase Agreement to acquire CD Enterprises Company Limited from Steed Oriental (Holdings) Company Limited (SEHK:8277) for HKD 47.7 million on February 16, 2022. As of September 30, 2021, CD Enterprises reported net liabilities of HKD 18.8 million. The transaction is subject to approval from stock exchange and approval from shareholders of Steed Oriental. The transaction receives written approval from shareholders of Steed Oriental. The long stop date is June 30, 2022. Steed Oriental (Holdings) Company Limited intends to apply the net proceeds for repayment of existing bank borrowings and general working capital of the Group to develop and expand the domestic market.
Faith Sino Ventures Limited completed the acquisition of CD Enterprises Company Limited from Steed Oriental (Holdings) Company Limited (SEHK:8277) on June 30, 2022.