Beijing Sports and Entertainment Industry Group Limited (SEHK:1803) entered into a sale and purchase agreement to acquire remaining 20% stake in Beijing Sports Industry Group Limited from Pieta Investments Limited for HKD 19.9 million on December 16, 2020. Under the terms, Beijing Sports and Entertainment will issue 106 million shares as consideration for the transaction in exchange for 10,000 shares of Beijing Sports Industry Group. The Consideration Shares represent approximately 7.53% of the enlarged capital. Pieta Investments already held 1.34% stake in Beijing Sports Industry as of the date of agreement and will hold 8.77% stake. Upon completion, Beijing Sports Industry will operate as a wholly owned subsidiary of Beijing Sports and Entertainment. Beijing Sports Industry reported net asset value of net asset value of HKD 61.2 million as at June 30, 2020.. The transaction is subject to approval from approval of shareholders of Beijing Sports and Entertainment, Listing Committee of the Stock Exchange granting approval and others. The Independent Board Committee, comprising all the independent non-executive Directors, namely Tse Man Kit, Keith, Lok Lawrence Yuen Ming, Xin Luo Lin and Pan Lihui, has been established to consider the terms of the Sale and Purchase Agreement and the transactions contemplated thereunder, and to advise the Independent Shareholders as to whether they are on normal commercial terms, fair and reasonable and in the interests of the Company and the Independent Shareholders as a whole. Donvex Capital Limited acted as independent financial advisor to the independent board committee and the Independent Shareholders of Beijing Sports and Entertainment. Beijing Sports and Entertainment Industry Group Limited (SEHK:1803) completed the acquisition of remaining 20% stake in Beijing Sports Industry Group Limited from Pieta Investments Limited for HKD 19.9 million on February 11, 2021.