Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
(Incorporated in Hong Kong with limited liability)
(Stock Code: 36) COMPLETION OF THE DISCLOSEABLE TRANSACTION: ACQUISITION OF THE ENTIRE ISSUED SHARE CAPITAL OF COAST HOLDINGS LIMITED
Reference is made to the announcement of Far East Holdings International Limited (the "Company") dated 15 June 2015 (the "Announcement") in relation to the Acquisition of the Sale Shares, being 100% of the equity interests of the Target. Capitalised terms used in this announcement shall have the same meanings as those defined in the Announcement unless specified otherwise.
The Board is pleased to announce that parties to the Agreement desired and agreed to proceed to completion, and completion of the Agreement took place on 30 June 2015 notwithstanding all but one of the conditions precedent, being the delivery of the 2014 Audited Accounts has not been satisfied by the Vendor.
In consideration of the Vendor having agreed and undertaken to finalise and deliver the
2014 Audited Accounts to the Purchaser on or before 15 July 2015, and having entered into a deed of indemnity indemnifying the Purchaser and the Target for any loss and damages that they may suffer as a result of the delay in delivering the 2014 Audited Accounts, and also taken into account the representation from the Vendor that the preparation of the 2014
Audited Accounts is in the final stage but extra time is required in order to finalize it with their auditors, the Board considered and agreed to partially waive such outstanding condition precedent and proceeded to completion of the Agreement on 30 June 2015.
Following completion of the Acquisition, the Target will become an indirect wholly owned subsidiary of the Company whose financial results and position will be consolidated into the consolidated financial statements of the Company.
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By Order of the Board
Far East Holdings International Limited Yu Pak Yan, PeterExecutive Director
Hong Kong, 30 June 2015
As at the date of this announcement, the Board comprises six Directors, of which three are executive Directors, namely, Mr. Derek Chiu, Mr. Yu Pak Yan, Peter and Mr. Fok Chi Tak; and three are independent non-executive Directors, namely, Mr. Chan Ming Sun, Jonathan, Dr. Wong Yun Kuen and Ms. Kwan Shan.
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