Jilin Province Zhuo Yue Investment Co. Limited entered into share purchase agreement to acquire 85% stake in Jilin Province Maxcourt Hotel Limited from Talam Transform Berhad (KLSE:TALAMT) for CNY 84.7 million in cash on January 5, 2017. Under the agreement, Jilin Province Zhuo Yue Investment Co. Limited will pay CNY 4.66 million in cash as first installment on execution of agreement and remaining CNY 80 million on obtaining the approvals from government authorities. Jilin Province Zhuo Yue Investment Co. Limited shall set up a special banking account with a limit of CNY 95.34 million which will be utilized to ensure timely and smooth payment of the debts of Jilin Province Maxcourt Hotel Limited as specified in the confirmation of debts and receivables. The transaction is subject to government authorities approvals. The net proceeds from the proposed disposal will be used to pare down the Talam Transform Berhad Group borrowings and for working capital purposes.