Midas Holdings Limited (SGX:5EN) entered into an agreement to acquire Huicheng Capital Limited from a group of sellers for CNY 1 billion in stock on November 30, 2015. The sellers are Chen Wei Ping, Chen Chen, Tang Tianrui, Yang Tianying, Yang Xiaoguang, Tan Poh Kuan Linda and He Qingzhi. Under the terms of the deal, Midas Holdings will issue approximately 462 million shares as initial consideration to all the sellers other than Chen Wei Ping. Chen Wei Ping will receive an earn out payment of up to 271.33 million shares if Dalian Huicheng for the financial year ending December 31, 2016 reports adjusted profit after tax of at least CNY 80 million. During the year ended December 31, 2014, Huicheng Capital had total assets of CNY 1.09 billion, shareholders' equity of CNY 657.83 million, revenue of CNY 113 million, and net profit of CNY 14.17 million.

The acquisition is conditional upon: Huicheng receiving, in full, the payment of the consideration from Lesen Capital Limited in relation to the sale of the equity interest of Chongqing Huicheng Aluminium Co., Ltd by Dalian Huicheng Aluminium Co., Ltd. to Lesen Capital Limited; the shareholder of the Midas Holdings approving acquisition; approval by the SGX-ST for the listing of and quotation for the consideration shares on the SGX-ST; the Hong Kong Stock Exchange having granted approval for the listing of, and a permission to deal in, the consideration shares to be issued; the conduct of a due diligence investigation and all customary consents and approvals being received. On March 17, 2016, Singapore Exchange Securities Trading Limited approved the listing and quotation of the up to 733 million new shares to be issued by Midas Holdings to satisfy the consideration. The transaction has been approved by the Board of Midas Holdings. An extra ordinary general meeting is scheduled on April 29, 2016. As on April 29, 2016, the shareholders of Midas Holdings approved the deal. Boardroom Share Registrars (HK) Limited acted as transfer agent for Midas Holdings Limited (SGX:5EN). Roma Appraisals Limited acted as independent valuer and NRA Capital Pte. Ltd acted as financial advisor to Midas. Foo Kon Tan LLP acted as an accountant to Midas.