CASH Financial Services Group Ltd., its shareholder Celestial Asia Securities Holdings Ltd. and Ever Billion Group Ltd. agreed to terminate a deal involving the proposed sale of a 36.28% stake in CASH Financial.
The companies terminated the sale after failing to receive approval from the Securities and Futures Commission of Hong Kong. The companies had extended the deadline for the deal completion several times in order to secure the regulator's approval for Ever Billion Group to become a substantial shareholder of CASH Financial.
The termination agreement was reached March 29.
As part of the now-terminated deal, in September 2016, Celestial Investment agreed to sell its 36.28% stake in CASH Financial to Ever Billion for HK$765 million.