Axioma Capital Fze Llc made an offer to acquire remaining 69.39% stake in IRC Limited (SEHK:1029) for approximately HKD 700 million on November 1, 2023. Under the terms, Axioma will pay HKD 0.118 per share as consideration. Axioma intends to finance the transaction from its own internal resources. An Independent Board Committee has been established for the transaction. The offer is conditional on valid acceptances being received that will result in Axioma holding more than 50% of the voting rights in IRC Limited. The Board of Directors of IRC Limited recommended the shareholders to accept the offer. The transaction is expected to complete on January 12, 2024. As on January 12, 2024, the closing date has been extended to February 20, 2024. As on February 8, the offer became unconditional and will remain open for acceptances till February 22, 2024. Red Sun Capital Limited acted as financial advisor for Axioma Capital while Amasse Capital Limited acted as financial advisor while Union Registrars Limited acted as a registrar for IRC Limited.

Axioma Capital Fze Llc completed the acquisition of 26% stake in IRC Limited (SEHK:1029) on February 22, 2024.