HONG KONG, Aug. 19, 2015 /PRNewswire/ -- Sun International Resources Limited (the "Company", together with its subsidiaries, the "Group", stock code: 8029) is pleased to announce that, on August 19, 2015, the Group and Sun International Financial Group Limited entered into the Acquisition Agreement, to which the Group has conditionally agreed to acquire: (i) 140,000,000 shares in the issued share capital of Sun International Securities Limited, and (ii) 6,500,000 shares in the issued share capital of Sun International Asset Management Limited, representing the entire issued share capital of these companies, at a total consideration of HK$147.3 million.
Immediately after completion, the target companies will become indirect wholly-owned subsidiaries of the Company.
Mr. Cheng Ting Kong, Chairman and Executive Director of the Company said, "The transactions will enable the Company to diversify its business segments and enhance future shareholders' return after the acquisition, as well as to broaden its portfolio of services to the financial services business segment through direct investment in and hands-on management and operation of the Target Companies."
As at the date of this announcement, Sun International Financial Group Limited is owned as to 50% by Mr. Chau Cheok Wa and as to 50% by Ms. Yeung So Mui, the spouse of Mr. Cheng Ting Kong, an executive Director and the chairman of the Company. Each of Mr. Chau Cheok Wa and Mr. Cheng Ting Kong is a substantial shareholder and is believed to be interested in approximately 47.14% of the issued share capital of the Company.
Sun International Resources Limited
Sun International Resources Limited (Stock Code: 8029) is an investment holding company. With principal business in equine services and online games solution and services, the Group's operating business are structured and managed separately, according to the nature of their operations and services they provided. Each of the Group's business segments represents a strategic business unit that offer services which are subject to risk and returns that are different from those of the other business segments. The Group is always seeking opportunities to diversify the Group's revenue streams.