Wheelock and Company Limited (SEHK:20) agreed to acquire Milway Development Limited from Hong Kong International Construction Investment Management Group Co., Limited (SEHK:687) for HKD 3.9 billion on February 1, 2019. Under the terms of the transaction, Wheelock and Company Limited agreed to acquire the equity and assign the shareholders loan for HKD 2.9 billion. An initial deposit of HKD 1.4 billion is to be paid upon execution of agreement, HKD 0.6 billion is to be paid to the escrow agent at the time of closing and the balance consideration is to be paid at the time of closing. Post completion of the transaction, Milway Development Limited will cease to be a subsidiary of Hong Kong International Construction Investment Management Group Co., Limited. The transaction is subject to the shareholders' approval, to be obtained at the general meeting and all other necessary requirements contemplated under the transaction. Circular is to be dispatched to the shareholders on or before February 27, 2019. If the prevailing conditions are not satisfied on or before the long stop date, Wheelock and Company and the Hong Kong International Construction can terminate the agreement and return the deposit amount. The transaction is expected to complete on May 28, 2019.

Wheelock and Company Limited (SEHK:20) completed the acquisition of Milway Development Limited from Hong Kong International Construction Investment Management Group Co., Limited (SEHK:687) on February 15, 2019. All conditions prevalent to the transaction has been fulfilled.