Van Dairy (Hongkong) Group Limited signed a letter of intent to acquire 84.35% stake in Kresta Holdings Limited (ASX:KRS) from Suntarget (Hongkong) Trading Co Limited on December 28, 2018. Van Dairy (Hongkong) Group Limited signed a share sale and purchase agreement to acquire 84.35% stake in Kresta Holdings Limited from Suntarget (Hongkong) Trading Co Limited for CNY 1 on March 15, 2019. As per the terms, consideration will be payable in cash. The transaction is subject to approval of shareholders of Ningbo Xianfeng New Material Co.,Ltd, parent of Suntarget (Hongkong) Trading Co Limited and subject to procedures for filing record of change at Ningbo Municipal Bureau of Commerce by Suntarget (Hongkong) Trading Co Limited’s domestic shareholder and procedures for reinvestment filing record at Ningbo Municipal Bureau of Commerce by Van Dairy (Hongkong) Group Limited’s shareholder Ningbo Kaixin Investment Co., Ltd. The transaction has been approved in the Van Dairy (Hongkong) Group Limited’s and Suntarget (Hongkong) Trading Co Limited’s directorate on January 17, 2019. It has also been approved by Ningbo Xianfeng New Material Co.,Ltd’s directorate on March 15, 2019. As on June 3, 2019, the transaction has been approved by Ningbo Xianfeng New Material Co.,Ltd’s directorate. Zhao Jiangning, Zhang Yin of Changjiang Financing Services Company Limited acted as financial advisor, Wang Hanqi, Fan Jianhong, Guo Mengyuan of Dacheng Law Offices acted as legal advisor and Liu Jun, Wang Qinghai of Union Power Certified Public Accountants Co., Ltd acted as accountant for Ningbo Xianfeng New Material Co.,Ltd Limited in the transaction. Van Dairy (Hongkong) Group Limited completed the acquisition of 84.35% stake in Kresta Holdings Limited (ASX:KRS) from Suntarget (Hongkong) Trading Co Limited on June 19, 2019. The transaction was approved by the shareholders of Ningbo Xianfeng New Material on the 2nd extraordinary general shareholders’ meeting held on June 19, 2019. On June 24, 2019, Kresta Holdings Limited fulfilled internal decision-making procedures and its board of directors approved the said share transfer matter. The payment was made on June 19, 2019.