The Artisanal Spirits Company plc (AIM:ART) agreed to acquire The Scotch Malt Whisky Society Limited (incorporated in Hong Kong) from Christina Leung for £0.4 million on December 17, 2021. The transaction is funded by the Company's existing cash resources, following which, SMWS and Christina Leung will hold 75 per cent. and 25 per cent. It has also agreed a new three year contract to retain Christina Leung as Managing Director, reflecting her strong performance in building the Joint Venture to date. In the year ended 31 December 2020, SMWS China recorded an unaudited consolidated operating profit of £1.2 million, and as at 31 December 2020, had consolidated net assets of £1.3 million. The payment of the consideration is expected to occur in Q1-22 once the audited results for SMWS China are available.