Ace Way Global Limited agreed to make a mandatory unconditional cash offer to acquire the remaining 32.04% stake in ITC Corporation Limited (SEHK:372) for approximately HKD 280 million on January 23, 2017. Under the terms, Ace Way Global Limited will make the offer to acquire 540.92 million shares at HKD 0.52 per share. In a related transaction, Ace Way Global Limited entered into a sale and purchase agreement to acquire 67.96% stake in ITC Corporation Limited (SEHK:372) from Charles Chan Kwok Keung for approximately HKD 600 million on January 23, 2017, the completion of which took place on January 24, 2017. Ace Way Global Limited will finance the consideration under the offer by internal resources and a credit facility of HKD 260 million provided by Get Nice Securities Limited. After close of the offer, Ace Way Global Limited intends to maintain the listing status of ITC Corporation and do not intends to compulsorily acquire the shares not acquired under the offer. Get Nice Securities Limited and Octal Capital Limited will make the offer on behalf of Ace Way Global Limited. ITC Corporation Limited established an independent Board committee comprising Winston Calptor Chuck, Lee Kit Wah and Shek Abraham Lai Him to advise the independent shareholders in respect of the offer. Somerley Capital Limited acted as a financial advisor to the independent Board committee of ITC Corporation. Get Nice Securities Limited and Octal Capital Limited acted as financial advisors to Ace Way Global Limited. The offer period is expected to close on March 28, 2017.