Yiu Kwan Yumade made an offer to acquire remaining 47.8% stake in Wai Chi Holdings Company Limited (SEHK:1305) for approximately HKD 210 million on November 22, 2016. Under the terms of transaction Yiu Kwan Yu will pay HKD 2 each for remaining 103.5 million shares of Wai Chi Holdings Company Limited. The transaction will be funded by facility of HKD 207.5 million pursuant to the terms and conditions of the facility. All the offer shares to be acquired by Yiu Kwan Yumade under the offer shall be deposited with Kingston Securities as collateral for the facility. The independent Board committee, which comprises Au Yeung Tin Wah, Chen Kwok Wang and Ho Chi Wai, all are the independent non-executive Directors, has been established to make a recommendation to the independent shareholders as to whether the offer is, or is not, fair reasonable and as to its acceptance. Kingston Corporate Finance Limited acted as financial advisor for Yiu Kwan Yumade in the transaction. Grand Vinco Capital Limited acted as financial advisor for the independent Board committee of Wai Chi Holdings. China Commercial Law Firm acted as legal advisor to Wai Chi Holdings Company Limited. The offer was made on December 13, 2016. The last date for acceptance of the offer is January 3, 2017. The expected closing date is January 3, 2017. Yiu Kwan Yumade completed the acquisition of an additional 9.49% stake in Wai Chi Holdings Company Limited (SEHK:1305) for HKD 41.2 million on January 3, 2017. Yiu Kwan Yumade received acceptance for 20.6 million shares.