Lee Sai Lun entered into an agreement to acquire OTWL-On Time Worldwide Logistics Ltd. from On Time Logistics Holdings Limited (SEHK:6123) for TWD 60.1 million (HKD 15.5 million) on October 20, 2017. Under the terms of the transaction, Lee Sai Lun will pay half of the consideration upon completion and remaining on or before one year from completion date. For the year ended December 31, 2016, OTWL-On Time Worldwide Logistics Ltd. reported total assets of TWD 79.97 million, net assets of TWD 61.24 million, and profit after tax of TWD 5.36 million. The transaction is subject to approval from the Foreign Investment Commission of the Taiwan Ministry of Economic Affairs and any other regulatory approval required. If the conditions are not fulfilled on or before November 30, 2017, a written notice will be given to delay the long stop date or terminate the transaction. The proceeds will be used for business development and as general working capital. Lee Sai Lun completed the acquisition of OTWL-On Time Worldwide Logistics Ltd. from On Time Logistics Holdings Limited (SEHK:6123) during the financial year ending December 31, 2017.