Excellence Steps Limited entered into an agreement to acquire 60% stake in Supremium Bio-Technology Limited from Symphony Holdings Limited (SEHK:1223) for HKD 97.8 million on September 29, 2017. Excellence Steps Limited will pay HKD 5 million in cash and remaining HKD 92.8 million by the issue of promissory notes by Megalogic Technology Holdings Limited, parent of Excellence Steps Limited. HKD 1 million of the cash portion of the consideration will be paid upon the signing of the acquisition agreement and HKD 4 million within seven business days after the conditions precedent as set out in the agreement are satisfied. HKD 35 million by the issue of promissory notes will mature upon expiry of six months from the issue date and remaining HKD 57.8 million shall mature upon expiry of twelve months from the issue date. Megalogic Technology Holdings Limited intends to satisfy the cash portion of the consideration in the amount of HKD 5 million by its internal resources. Upon Completion, Supremium Bio-Technology Limited will become a subsidiary of Excellence Steps Limited. For the year ended December 31, 2016, Supremium Bio-Technology Limited reported revenues of HKD 27.9 million and net profit of HKD 9.9 million. Supremium Bio-Technology Limited reported net assets of HKD 5.7 million as of December 31, 2016. The deal is subject to Megalogic Technology Holdings Limited having obtained approvals from their shareholders, regulatory consents and due diligence review. As per announcement of December 22, 2017, extraordinary general meeting of Megalogic Technology Holdings Limited will be held on January 10, 2018. The long stop date of the transaction is expected on December 29, 2017. As per announcement on December 29, 2017, the long stop date of the transaction is extended to January 31, 2018. Messis Capital Limited acted as financial advisor to Megalogic Technology Holdings. Excellence Steps Limited cancelled the acquisition of 60% stake in Supremium Bio-Technology Limited from Symphony Holdings Limited (SEHK:1223) on January 10, 2018. Shareholders of Megalogic Technology Holdings Limited rejected the transaction in the extraordinary general meeting held on January 10, 2018. Any cash consideration received by Symphony Holdings Limited shall be refunded to Excellence Steps Limited without interest within five business days after termination.