Top Standard Corporation (SEHK:8510) entered into a sale and purchase agreement to acquire 90% stake in Code Entertainment Limited from Wong Kwong Sum for HKD 0.13 million on June 7, 2021. Pursuant to the terms of the agreement, Top Standard Corporation will acquire pay the consideration in cash at completion. As a result of the transaction, stake of Wong Kwong Sum in Code Entertainment Limited will be reduced to 10%. The consideration will be funded by Top Standard Corporation’s internal resources. For the year ended March 31, 2021, Code Entertainment Limited had net loss before taxation of HKD 1.67 million and net loss after taxation of HKD 1.67 million, whereas net assets stood at approximately HKD 1.4 million. Completion of the transaction is conditional upon various conditions, none of which can be waived and as of June 7, 2021, all of the conditions precedent have been fulfilled. Completion of the transaction shall take place on the date on which the fulfilment of all the conditions precedent under the agreement or on such date as may be agreed between Top Standard Corporation and Wong Kwong Sum. Top Standard Corporation (SEHK:8510) completed the acquisiiton of 90% stake in Code Entertainment Limited from Wong Kwong Sum on June 8, 2021.