Ng Sing Kung Roy, Chief Executive Officer of Business Operating Software Solution Limited entered into sale and purchase agreement to acquire remaining 70% stake in Business Operating Software Solution Limited from EFT Solutions Holdings Limited (SEHK:8062) for HKD 210 million in a management buyout transaction on October 11, 2019. HKD 3.2 million shall be payable within one month after the completion date, HKD 6.4 million shall be payable within three months after the completion date and HKD 3.2 million shall be payable within 2 years after completion date. HKD 3.2 million which remain unpaid by EFT Solutions Holdings Limited to Ng Sing Kung Roy under the previous acquisition agreement for acquisition of 70% stake in Business Operating Software Solution Limited by EFT Solutions Holdings Limited will be waived by Ng Sing Kung Roy and HKD 194 million representing the aggregate principal amount of the promissory note issued by EFT Solutions Holdings Limited to Ng Sing Kung Roy under the previous acquisition agreement will be waived. Prior to the transaction, Ng Sing Kung Roy holds 30% stake in Business Operating Software Solution Limited. Upon completion of the transaction, EFT Solutions Holdings Limited will cease to hold any stake and Ng Sing Kung Roy will hold 100% stake in Business Operating Software Solution Limited. Business Operating Software Solution Limited reported revenues of HKD 26.84 million and profit after tax of HKD 16.21 million and operating profit of HKD 19.55 million during the year ending March 31, 2019. Business Operating Software Solution Limited reported net assets of HKD 33.6 million and total asset as 5.7 million as at March 31, 2019. The transaction is subject to all necessary consents, approvals, permits, authorizations, waivers or notices required to be obtained on the part of EFT Solutions Holdings Limited having obtained from the relevant third parties (if required) in connection with the transactions, EFT Solutions Limited (a wholly owned subsidiary of EFT Solutions Holdings Limited) having waived the indebtedness amount owned by Business Operating Software Solution Limited to EFT Solutions Limited, all warranties and representations remaining true and accurate and approval of shareholders of EFT Solutions Holdings Limited. Ng Sing Kung Roy may waive any conditions at any time. Completion shall take place on a date within seven days from the date on which all of the conditions in relation to completion having been met, or such other date as may be agreed in writing. If the conditions are not satisfied or waived on or before December 31, 2019, the agreement shall lapse. Board recommends the shareholders to vote in favour of the ordinary resolution to be proposed in general meeting. On December 13, 2019, the shareholders of EFT Solutions Holdings Limited approved the transaction in extraordinary general meeting. The Group intends to apply the cash portion of the consideration for the purpose of general working capital. An Independent Board Committee has been established to advise the independent shareholders on the transaction. Grand Moore Capital Limited acted as the financial advisor to EFT Solutions Holdings Limited. Donvex Capital Limited acted as independent financial advisor to advise board committee and shareholders. Elite Partners CPA Limited acted as accountant to EFT Solutions Holdings Limited and B. I appraisals Limited acted as valuer in transaction. Ng Sing Kung Roy, Chief Executive Officer of Business Operating Software Solution Limited completed the acquisition of remaining 70% stake in Business Operating Software Solution Limited from EFT Solutions Holdings Limited (SEHK:8062) on December 17, 2019. Business Operating Software Solution Limited ceased to be an indirect non-wholly owned subsidiary of the EFT Solutions Holdings Limited. All conditions precedent to the Sale and Purchase Agreement have been fulfilled.