An undisclosed buyer entered into a memorandum of understanding to acquire 67.09% stake in Speedy Global Holdings Limited (SEHK:540) from Sky Halo Holdings Limited, Chan Hung Kwong, Patrick, Tang Wai Shan and Au Wai Shing on January 5, 2018. The buyer will acquire 402.6 million shares of Speedy Global Holdings Limited. Sky Halo Holdings Limited, Chan, Tang and Au will sell 54.54%, 5.51%, 2.57% and 4.47% stake in Speedy Global Holdings Limited respectively. Pursuant to the memorandum of understanding, buyer paid HKD 20 million as earnest money deposit and if the parties do not enter into the formal agreement on or before January 26, 2018, an additional earnest money of HKD 40 million will be paid to the sellers. As on January 26, 2018, no formal agreement has been entered into and additional earnest money has been paid. A mandatory general offer will be made upon the materializing of the transaction. The memorandum of understanding will be terminated upon the execution of the formal agreement relating to the transaction or on March 29, 2018. On March 26, 2018, a supplemental memorandum of understanding is entered into, as per which the exclusive period is extended to May 25, 2018.