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Combest Holdings to buy 51% stake in investment holding company

Combest Holdings Ltd. agreed to buy a 51% stake in Ultra Rich Global Ltd. from Novel Shine Ltd. for HK$170 million in cash.

Under the terms of the deal, Novel Shine guaranteed that Ultra Rich would achieve actual profit before tax of at least HK$30 million for 2017.

In case Ultra Rich misses its profit target, Novel Shine agreed to pay a compensation up to a maximum amount of HK$170 million.

Ultra Rich, an investment holding company, managed funds with total assets under management of more than HK$2.20 billion as of April 1.