T.C.L. Industries Holdings (H.K.) Limited made an offer to acquire remaining 51.04% stake in Tonly Electronics Holdings Limited (SEHK:1249) for approximately HKD 840 million on October 2, 2019. Under the terms of transaction, T.C.L. Industries Holdings (H.K.) Limited will acquire remaining 170.3 million shares at HKD 5.89 each, 33.2 million options and 4.5 million award shares. The transaction will be funded by cash through the facilities provided by Bank of China (Hong Kong) Limited and internal cash resources. There will be no change to the Board composition following the close of the offer. T.C.L. Industries Holdings (H.K.) Limited has no intention to discontinue the employment of the employees or to dispose of or re-deploy the material assets of Tonly Electronics Holdings Limited. The transaction is conditional upon valid acceptances of the share offer being received on closing date and T.C.L. Industries Holdings (H.K.) Limited holding more than 50% of the voting rights of Tonly Electronics Holdings Limited. An Independent Board Committee, comprising three independent non-executive Directors, POON Chiu Kwok, LI Qi and LEONG Yue Wing, has been formed to make recommendations to the independent shareholders and the option holders as to whether the terms of the offer are fair and reasonable and as to the acceptance of the mandatory general offer. T.C.L. Industries Holdings (H.K.) Limited intend to maintain the listing status of Tonly Electronics Holdings Limited. The transaction is expected to be completed on December 27, 2019. UBS AG acted as financial advisor to T.C.L. Industries Holdings (H.K.) Limited and Somerley Capital acted as financial advisor for Independent Board Committee of Tonly Electronics Holdings Limited. China United Assets Appraisal Group Co., Ltd. acted as valuer in the transaction. Tricor Investor Services Limited acted as registrar to Tonly in the transaction. T.C.L. Industries Holdings (H.K.) Limited cancelled the acquisition of remaining 51.04% stake in Tonly Electronics Holdings Limited (SEHK:1249) on October 2, 2020.