Charoen Pokphand Group Co. Ltd. and ITOCHU Corporation (TSE:8001) agreed to acquire 16.29% stake in Honma Golf Limited (SEHK:6858) from Liu Jianguo for approximately HKD 830 million on January 26, 2018. As per the transaction, Charoen Pokphand Group Co.

Ltd. and ITOCHU Corporation will acquire 99.2 million shares at HKD 8.41 per share. Under the agreement, Charoen Pokphand Group Co. Ltd. ill acquire 60.9 million shares representing 10% stake while ITOCHU Corporation will acquire 38.3 million shares representing 6.29% stake of Honma Golf Limited.

Post completion, Liu Jianguo will hold 323.6 million shares representing 53.13% stake of Honma Golf Limited and will remain its controlling shareholder. Upon completion, Charoen Pokphand Group Co. Ltd. will nominate up to two candidates as Non-Executive Directors to the Board of Directors of Honma Golf Limited.

Transaction is expected to complete on or around January 31, 2018.