Qingda Developments Limited made an offer to acquire 39.2% stake in Midas International Holdings Limited (SEHK:1172) for approximately HKD 510 million on September 1, 2017. The offer per share is HKD 0.392 to be paid in cash in tender offer. In a related deal, Qingda Developments Limited entered into a memorandum of understanding to acquire 60.82% stake in Midas International Holdings Limited from Chuang's Consortium International Limited (SEHK:367) on September 1, 2017. Together both the deals will entitle Qingda Developments Limited for 100% ownership of Midas International Holdings. The deal will be financed with loan facility of up to HKD 250 million, one more loan of HKD 740.4 million and own internal resources of Qingda Developments Limited. Qingda Developments Limited intends to nominate new Directors to the Board of Midas International Holdings Limited and has no intension to privatize it, thus maintain the listing status. Qingda Developments Limited does not intend to exercise any powers of compulsory acquisition. The deal is conditional on the completion of the deal for 60.82% stake in Midas International Holdings. The special committee of Midas International has been formed to evaluate the proposal. The committee recommends the shareholders to vote in favor. The offer is valid for acceptance from September 1, 2017 to January 26, 2018. Great Wall Pan Asia Corporate Finance Limited and Steven Lo of Southwest Securities (HK) Capital Limited acted as financial advisors to Qingda Developments. Lewis Lai of Red Sun Capital Limited acted as financial advisor to special committee and shareholders of Midas International Holdings Limited and recommended the offer. Optima Capital Limited acted as financial advisor for Kapok Wish Investment Limited, one of the related parties of Qingda Developments Limited. Somerley Capital Limited acted as registrar. Qingda Developments Limited completed the acquisition of 0.35% stake in Midas International Holdings Limited (SEHK:1172) for HKD 4.6 million on January 26, 2018. On January 26, 2018, approximately 11.73 million shares were tendered. The Board has approved the appointments of Li Qing, Au Hoi Lee Janet and Zhang Feiyang as Executive Directors and Lam Chi Hung Louis, Hung Kin Man and Ho Man as Independent Non-Executive Directors with effect immediately after the close of the Offer on January 26, 2018. The Board also announces that resignations have been tendered by Richard Hung Ting Ho, Candy Kotewall Chuang Ka Wai, Geoffrey Chuang Ka Kam, Neville Charles Kotewall and Wong Chi Sing as Executive Directors, Dominic Lai as Non-Executive Director, and Abraham Shek Lai Him, Eddy Li Sau Hung and Yau Chi Ming as Independent Non-Executive Directors immediately after the close of the offer on January 26, 2018.