CSI Properties Limited (SEHK:497) agreed to sell Uttermost Holdings Limited for HKD 1.7 billion on January 6, 2017. Both sale shares and the sale loan of Uttermost Holdings Limited will be sold. Under the terms of transaction HKD 50 million shall be payable upon signing of the provisional share and purchase agreement as an initial deposit, HKD 120 million shall be payable on January 26, 2017 or upon the signing of the formal agreement, whichever is the earlier and the balance of the consideration shall be paid and an amount in respect of the adjustment of the consideration shall be paid within five business days following the delivery of the audited completion accounts by the auditors. If any of the condition precedent has not been satisfied on or before May 31, 2017 then all rights and obligations of the parties there under shall automatically lapse and be of no further force and effect and no party shall have any liability there under save an except the rights of the parties in respect of any antecedent breaches and the CSI Properties Limited shall as soon as practicable procure the return to the purchaser of the Initial Deposit and Further Deposit paid by the purchaser. For the year ended March 31, 2016, Uttermost Holdings Limited reported revenue of HKD 36.3 million and net loss after tax of HKD 0.35 million. The transaction is subject to the necessary approval of shareholders of CSI Properties Limited and other customary conditions. The special general meeting of CSI Properties Limited will take place on March 15, 2017. The transaction has been approved by the Board of Directors of CSI Properties Limited. The transaction was approved at the special general meeting of CSI Properties Limited held on March 15, 2017. The transaction is expected to be completed on the later of March 31, 2017 or the third business day following the day on which the approval of the shareholders of CSI Properties Limited is obtained at the meeting. CSI Properties Limited will use the proceeds as general working capital of the company. Deloitte Touche Tohmatsu acted as the accountant and Computershare Hong Kong Investor Services Limited acted as registrar to CSI Properties. Vigers Appraisal and consulting Limited acted as valuer in the transaction.