Great Future Development (HK) Limited entered into an agreement to acquire Shanghai biofit Environmental Technology Co., Ltd. from Dongwu Cement International Limited (SEHK:695) for HKD 40 million on January 5, 2018. Great Future Development (HK) Limited will pay 10% of the total consideration will be payable within 7 calendar days after signing of the agreement, 30% of the total consideration will be payable within 30 calendar days after signing of the agreement and the reaming 60% of the total consideration will be payable upon completion of the transaction. The transaction is subject to the consummation of due diligence investigation and approvals from the regulatory authorities. The transaction is expected to close by April 11, 2018.