UMP Healthcare Holdings Limited (SEHK:722) entered into an agreement to acquire 60% stake in SkinCentral Limited from Ho Tin Yee Tinny for HKD 91.2 million on November 22, 2018. Pursuant to the terms of the transaction UMP Healthcare Holdings Limited will pay HKD 30 million as deposit, HKD 47.5 million cash shall be payable on closing and the remaining sum of HKD 22.5 million to be settled by the allotment of 7.5 million shares of UMP Healthcare Holdings Limited. UMP Healthcare Holdings Limited expects to finance the cash component of the purchase price by the internal resources. As of December 30, 2017, SkinCentral Limited reported net assets of HKD 7.7 million and profit after tax of HKD 13.8 million. The transaction is subject to the consummation of due diligence investigation, approval of the consideration shares The Stock Exchange of Hong Kong Limited and all relevant governmental and regulatory consents, approvals, authorizations and licenses required. As of December 24, 2018, Board of Directors of UMP Healthcare Holdings Limited approved the transaction. Hong Kong is Tricor Investor Services Limited appointed as registrar to UMP Healthcare Holdings Limited. Gary Chan, Jeffrey Ha, Jonathan Hsui and Ryan Tou of Allen & Overy Hong Kong acted as legal advisors to UMP Healthcare Holdings Limited. UMP Healthcare Holdings Limited (SEHK:722) completed the acquisition of 60% stake in SkinCentral Limited from Ho Tin Yee Tinny on January 23, 2019.