An unknown buyer agreed to acquire Eastlink International Investment Inc. from Hong Kong Shanghai Alliance Holdings Limited (SEHK:1001) for HKD 1.54 billion on January 26, 2017. The consideration will be satisfied by cash. The consideration comprises a deposit of approximately HKD 150 million by the buyer within 10 business days after the date of the sale and purchase agreement and the remaining balance of the consideration in the sum of HKD 1.39 billion will be paid on completion date. Upon completion, the Hong Kong Shanghai Alliance Holdings Limited will cease to hold any equity interest in the Eastlink International Investment Inc. and the results of the Eastlink International Investment Inc will no longer be consolidated into the consolidated financial statements of the Hong Kong Shanghai Alliance Holdings Limited. Upon the Completion, the Eastlink International Investment Inc will cease to be subsidiaries of the Hong Kong Shanghai Alliance Holdings Limited. For the year ended March 31, 2016, Eastlink International Investment Inc. reported revenue of HKD 50.37 million, net profit of HKD 118.14 million, total assets of HKD 1.65 billion, operating profit of HKD 209 million and total common equity of HKD 595.18 million. The deal is subject to approval from shareholders of Hong Kong Shanghai Alliance Holdings Limited. The transaction has been approved by shareholders of Hong Kong Shanghai Alliance Holdings Limited as on March 15, 2017. The directors of Hong Kong Shanghai Alliance Holdings Limited consider the deal as fair and reasonable. The deal is expected to be completed on the twelfth business days of completion of all conditions. The completion shall take place on the 12th business day following the satisfaction or waiver of all conditions or such other date as may be agreed by the Hong Kong Shanghai Alliance Holdings Limited and the buyer in writing. The proceeds from the transaction will be used as follows: 54% of the net proceeds will be used for loan repayment and 46% in working capital requirements. Knight Frank Petty Limited acted as independent property valuer of Eastlink International Investment Inc.