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CIL Holdings Ltd Enters Into Memorandum Of Understanding With Xi Zang Qi Ming And Guangzhou He Dao

Monday, 17 Dec 2012 09:47am EST 

CIL Holdings Ltd announced that, on December 17, 2012 (after trading hours), the Company entered into a Memorandum of Understanding with Xi Zang Qi Ming and Guangzhou He Dao in relation to, among other things, setting forth the understanding and certain initial terms with regard to the purchase by the Company or its subsidiary of the entire or part of the equity interest in the Target Company. The Purchaser will pay Xi Zang Qi Ming an earnest money in the amount of HKD7,000,000.00 (the “Earnest Money”) within five days after the execution of the Memorandum of Understanding by all the parties thereto and will conduct due diligence review of the Target Company in terms of its assets, business and any other matters after the execution of the Memorandum of Understanding as aforesaid. The completion of the Acquisition is conditional upon, among other things, the execution of the Formal S&P Agreement by the Purchaser, the Vendor and relevant parties; the findings of the due diligence review being to the satisfaction of the Purchaser; obtaining legal opinions from various legal advisers on the validity and legality of the incorporation and business operation of the Target Company or its group companies and the Acquisition; the Purchaser effecting the Acquisition. 

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31 Oct 2014