POC Holdings (HK) Limited concluded a contract to acquire 48.63% stake in Prime On Corporation Limited from Apple International Co., Ltd. (TSE:2788) and A. I. Holdings (Hong Kong) Limited for HKD 25 million in cash on February 18, 2016. Under the terms of the agreement POC Holdings will acquire 15.5 million shares at HKD 1.61 per share. Apple International Co., Ltd will sell 14.12% stake and A. I. Holdings (Hong Kong) will sell 34.51% stake.

After the transaction, Apple International Co., Ltd. and A. I. Holdings (Hong Kong) will hold no stake in Prime On Corporation Limited. Prime On Corporation Limited reported total assets of HKD 928 million, net assets of HKD 84 million, sales of HKD 1.64 billion, operating loss of HKD 3 million and net loss of HKD 46 million in 2015. The Board of Apple International Co., Ltd passed a resolution for the transaction on February 18, 2016.

The transaction is expected to close on March 8, 2016.