Financial Services Company for Innovative Industry in China Limited made an offer to acquire Post-Ante Trading Limited (Post-Ante) from United Food Holdings Limited (SGX:AZR) for CNY 70 million on October 17, 2017. Financial Services Company for Innovative Industry in China Limited entered into a sale and purchase agreement (SPA) to acquire Post-Ante from United Food Holdings Limited for CNY 75 million on November 24, 2017. Under the terms, Financial Services Company will pay the consideration in cash. Pursuant to the terms of the SPA, Financial Services shall pay a deposit of CNY 20 million upon signing of SPA, further cash consideration of CNY 40 million payable at completion date and further cash of CNY 15 million payable to United Food at any time during the six month period commencing from the completion date. On November 16, 2017, the parties have agreed to extend the term of the offer to November 30, 2017. As of September 30, 2017, Post- Ante has net asset of CNY 96.4 million. The transaction is subject to satisfactory due diligence by Financial Services, approval of the Shareholders of United Food, obtaining of necessary waivers, consents and approvals, Wang Tingbao to execute instrument of transfer for the shares held by Wang Tingbao in Globe Bright Limited, in favor of the Financial Services or its designated nominee, each of the disposal companies being in receipt of all relevant and required approvals for the change in directors and secretaries (as the case may be) from the relevant representatives of the Post-Ante to a representative of Financial Services, United Foods being in receipt of all relevant and required approvals to implement and effect the transaction and Financial Services and United Food having obtained all the necessary waivers, consents and approval regarding the disposal from the government, administrative or regulatory bodies in the British Virgin Islands and Singapore. The Directors of United Food Holdings Limited are of the view that the proposed disposal is in the interests of the company, and recommend that shareholders vote in favour of the resolutions relating to the disposal at the special general meeting. As on March 14, 2018, a notice was posted to the shareholders of United Food Holdings Limited for a special general meeting to be held on March 29, 2018 for the purpose of approving the disposal. The deal is approved by shareholders of United Food Holdings Limited. On April 27, 2018, in view of the long stop date (June 30, 2018), United Food Holdings Limited entered into a side letter to amend the SPA. The completion date would be amended to a date which is not more than 120 business days after satisfaction or waiver of all of the conditions precedent. Within the period of three months from completion date Wang Tingbao shall execute the instrument of transfer for the shares held by Wang Tingbao in Globe Bright Limited, in favour of Financial Services Company for Innovative Industry, and each of the disposal companies to be in receipt of all relevant and required approvals for the change in directors and secretaries to a representative of Financial Services Company for Innovative Industry. The proceeds from the disposal will be used for exploration of investments, acquisitions, strategic alliances and/or joint ventures and for general working capital. BMI Appraisals Limited acted as valuer in the transaction. Ardent Business Advisory Pte Ltd was appointed as scrutineer for special general meeting of United Food Holdings Limited. Financial Services Company for Innovative Industry in China Limited completed the acquisition of Post-Ante Trading Limited (Post-Ante) from United Food Holdings Limited (SGX:AZR) on May 10, 2018. A cash consideration of CNY 40 million was received at closing.