Asia Fashion Holdings Limited (SGX:BQI) entered into a sale and purchase agreement to acquire 70% stake in Boya Lianli (Beijing) Investment Limited from Wei Ying for SGD 11.2 million in cash on March 2, 2016. In a related transaction, Asia Fashion signed a mandate letter with UOB Kay Hian Private Limited, as its placement agent in relation to the placement of up to 62.5 million new ordinary shares in the capital of Asia Fashion to raise up to SGD 20 million. Almost 60% of the net proceeds from the private placement will be used for the transaction. For the year ended December 31, 2015, the book value and net tangible asset value is CNY 7.8 million (SGD 1.7 million) and CNY 7.8 million (SGD 1.7 million) respectively. As on September 23, 2016, SGX-ST is unable to approval-in-principle for the listing and quotation of acquisition. The deal is subject to approval of the shareholders of Asia Fashion, regulatory approval, third party approval, consummation of due diligence and completion of private placement. Vigers Appraisal & Consulting Limited acted as valuer for Asia Fashion and Wei Ying. The deal is expected to be accretive to the EPS of Asia Fashion. Zhong Lun Law Firm acted as the legal advisor to Asia Fashion Holdings Limited. Currency conversions were done through www.oanda.com. Asia Fashion Holdings Limited (SGX:BQI) cancelled the acquisition of 70% stake in Boya Lianli (Beijing) Investment Limited from Wei Ying on March 2, 2017.