Lau Kim Hung Jack and Chan Francis Ping Kuen entered into an agreement to acquire Sunflower Garland Manufactory Limited from Perfectech International Holdings Limited (SEHK:765) for HKD 66.8 million on September 24, 2020. Lau Kim Hung Jack and Chan Francis Ping Kuen has paid HKD 6.68 million upon signing the agreement, HKD 20.04 million will be paid within 30 days of signing of the agreement and HKD 40.08 million will be paid on completion of the transaction. The consideration is subject to adjustment. Sunflower Garland Manufactory Limited reported total assets of HKD 80.07 million and net liabilities of HKD 5.16 million as of August 31, 2020. Post closing of the transaction, Sunflower Garland Manufactory Limited will cease to be a subsidiary of Perfectech International Holdings Limited. The transaction is subject to due diligence review, approval of offer by shareholders of Perfectech International Holdings Limited, execution/completion of reorganization and Sunflower Garland Manufactory Limited restructures debt. The expected closing date of the transaction is within 10 days after fulfillment of the conditions. The Perfectech intends to apply the net proceeds from the disposal approximately HKD47 million forrepayment of amount due to a director of subsidiaries of the company and the interests to be accrued thereon approximately HKD 5 million for repayment of bank borrowings and the remaining balance of approximately HKD 14.20 million for general working capital of the Perfectech. INCU Corporate Finance Limited acted as a financial advisor for Perfectech International Holdings Limited.