Ko Chun Hay Kelvin made an offer to acquire the additional 31.01% stake in Golden Faith Group Holdings Limited (SEHK:2863) for HKD 84.4 million on October 22, 2018. Under the terms, Ko Chun Hay Kelvin will acquire 167.5 million shares at HKD 0.5038 per share. As of October 22, 2018, Ko Chun Hay Kelvin and parties acting in concert held 55.56% stake in Golden Faith Group Holdings Limited. The purchase price will be funded from internal resources. Somerley Capital Limited is satisfied that Ko Chun Hay Kelvin has sufficient financial resources to satisfy the consideration. Cheung Kam Fai and Yung On Wah, respectively holding 7.41% and 6.02% stake in Golden Faith Group Holdings Limited, provided irrevocable undertakings not to participate in offer. Ko Chun Hay Kelvin intended Golden Faith Group Holdings Limited to remain listed on the stock exchange after the close of the offer. Ko Chun Hay Kelvin does not intend to exercise any right which may be available to him to compulsorily acquire any outstanding shares not acquired pursuant to the offer after the close of the offer. It is intended to nominate Ko Chun Hay Kelvin as an executive Director, Yung On Wah shall be re-designated as a non-executive Director and each of Pu Li Wei and Ir. Yan Wai Yan be resigned as an executive Director and an independent non-executive Director, respectively with effect from the earliest time permitted under the close of the offer. It is also intended that Yung On Wah shall continue to be the Chairman of the Board. Ko Chun Hay Kelvin had no intention to discontinue the employment of the employees of Golden Faith Group Holdings Limited other than those in its ordinary course of business. Golden Faith Group Holdings Limited established an independent Board committee comprising all independent non-executive Directors, namely Chan Cho Chak, Chan Wing Fai, Yan Wai Yan and Yeung Wai Lung, for the purpose of advising the independent shareholders in respect of the offer. The offer is unconditional in all respects. On December 28, 2018, the independent Board committee recommended the shareholders to accept the offer. The offer will commence on December 28, 2018 and close on January 18, 2019. Koh Kwai Yim of Opus Capital Limited acted as the financial adviser to the independent Board committee of Golden Faith Group Holdings Limited. Union Registrars Limited acted as a registrar to Golden Faith Group Holdings Limited. M.N. Sabine of Somerley Capital Limited acted as a financial advisor to Ko Chun Hay Kelvin. Ko Chun Hay Kelvin completed the acquisition of the additional 0.51% stake in Golden Faith Group Holdings Limited (SEHK:2863) for HKD 1.4 million on January 18, 2019. As part of the offer, Ko Chun Hay Kelvin acquired 2.7 million shares. Following completion, Ko Chun Hay Kelvin and parties acting in concert held 56.06% stake in Golden Faith Group Holdings Limited. On January 18, 2019, Ko Chun Hay Kelvin was appointed as an executive Director, Wong Cheuk Wai Helena as a non-executive Director, Yung On Wah re-designated as a non-executive Director and resigned as a Managing Director, Pu Li Wei resigned as an executive Director and Ir. Yan Wai Yan resigned as an independent non-executive Director.