Lamtex Holdings Limited (SEHK:1041) entered into a memorandum of understanding to acquire 49% stake in CITIC Merchant Co., Limited from Asian Capital Partners Group on April 23, 2020. The consideration will be subject to the formalization of the formal agreement. Lamtex Holdings Limited will pay a refundable deposit of HKD 5 million within 21 days upon execution of the MOU. The refundable deposit would be deducted from the total consideration. Lamtex Holdings Limited and Asian Capital Partners Group shall use their endeavors to enter into a formal agreement within 90 days (or such other date as agreed between them) upon execution of the MOU. The completion of the acquisition is subject to due diligence results, shareholders' approval, and other conditions precedent agreed between the companies to be included in the formal agreement. The acquisition is subject to the completion of the acquisition of the entire equity interests in CITIC Merchant Enterprise Management Limited by Lamtex Holdings. Pursuant to the MOU, Lamtex shall be granted an exclusivity period of 90 days upon execution of the MOU for acquiring the entire equity interests held by Concorde Asia in CITIC Merchant Co. Lamtex Holdings Limited (SEHK:1041) cancelled the acquisition of 49% stake in CITIC Merchant Co., Limited from Asian Capital Partners Group on April 23, 2021.