SMI Holdings Group Limited (SEHK:198) signed a Memorandum of Understanding to acquire SingMeng Telemedia Holdings Limited from SingMeng Telemedia Group Limited and International Communication Media, Co,, Ltd for HKD 980 million on December 4, 2019. As a part of transaction, International Communication Media, Co,, Ltd will sell 68.42% stake and SingMeng Telemedia Group Limited will sell 3.58% stake in SingMeng Telemedia Holdings Limited. As a part of consideration, SMI Holdings Group Limited will issue new shares at an issue price of HKD 2.30 per share. Transaction is subject to approval of shareholders of SMI Holdings Group Limited, due diligence in respect of the legal and financial of SingMeng Telemedia Holdings Limited by SMI Holdings Group Limited and listing committee of Hong Kong Stock Exchange agreeing to grant the listing of and permission to deal in the consideration shares. SMI Holdings Group Limited and Master Glory Group Limited use their best endeavours to enter into the formal agreement in relation to the acquisition within three months from the date of the MOU. The MOU shall expire on March 3, 2020 or upon the execution of the Formal Agreement, whichever is earlier unless extended by agreement of SMI Holdings Group Limited and Master Glory Group Limited in writing. Either party shall have the right to terminate the MOU by giving written notice to the other Party and shall fully release each other from all duties, responsibilities and obligations in any of the circumstances like termination agreed by both parties unanimously, either party is insolvent, bankrupt or dissolved, the business license of either party is revoked, the transaction cannot be realized due to force majeure or the Formal Agreement cannot be materialize within three months after the signing of the MOU.