Sparkle Roll Holdings Limited completed the acquisition of an additional 71.04% stake in Sparkle Roll Group Limited.

Sparkle Roll Holdings Limited will make a tender offer to acquire an additional 71.04% stake in Sparkle Roll Group Limited (SEHK:970) for approximately HKD 950 million on October 20, 2016. Sparkle Roll Holdings Limited agreed to acquire a stake in Sparkle Roll Group for HKD 0.45 per share. In related transactions, Sparkle Roll Xin Tian Di Commerce Development Limited entered into a sale and purchase agreement to acquire the remaining 49% stake in Balanorm Beo (Beijing) Trading Development Limited from Beijing Sparkle Roll Investment Limited and Sparkle Roll Group Limited (SEHK:970) entered into a sale and purchase agreement to acquire a 14.71% stake in Bang & Olufsen a/s (CPSE:BO) from Sparkle Roll Holdings Limited. The transaction will be financed through internal resources and a loan facility of approximately HKD 754 million granted by Kingston Securities. Qi Jian intends to maintain the listing of the shares of Sparkle Roll Group on the stock exchange after the close of the offer. Sparkle Roll Holding intends to continue with the existing business and does not intend to introduce significant changes to the existing operations, management and employees. Sparkle Roll has established an independent Board committee comprising all the independent non-executive directors to advice shareholders fairness of the offer. The offer is subject to completion of the sale and purchase agreement. As of December 23, 2016, Sparkle Roll issued the expected timetable of the offer as extracted from the Composite Document. The commencement date of offer is December 23, 2016, first closing and result of offer and level of acceptance will be on January 13, 2017. The shareholders meeting of Sparkle Roll Group will be held on January 13, 2017 to consider the transaction. The Board of Sparkle Roll Group recommended its shareholders to vote for the transaction. As reported on January 10, 2017, the offer has become unconditional. The closing date has been extended to January 13, 2017. Kingston Securities Limited and Kingston Corporate Finance Limited acted as financial advisors for Sparkle Roll Holdings Limited. Oriental Patron Asia Limited acted as a financial advisor and Tricor Secretaries Limited acted as registrar for Sparkle Roll Group Limited. TC Capital Asia Limited acted as a financial advisor for independent Board committee of Sparkle Roll Group Limited. Sparkle Roll Holdings Limited completed the acquisition of an additional 71.04% stake in Sparkle Roll Group Limited (SEHK:970) on January 24, 2017.