Ming Shing closes USD 510 million acquisition of Meals Through Seasons, issues shares and convertible notes
MSW•Ming Shing closes Meals Through Seasons acquisition
Ming Shing closed its acquisition of Meals Through Seasons Limited on Sept. 2, 2026, valuing the deal at USD 510 million.
Consideration paid with shares and convertible notes
Consideration was paid entirely in securities: 150,000,000 Class A ordinary shares at USD 1 per share, with no cash component.
Ming Shing issued unsecured convertible promissory notes totaling USD 360 million, split 70% to Hongs Smart Limited and 30% to Yapjianhuei Smart Limited.
The notes carry no interest, have no fixed maturity, and convert at USD 1 per share only if annual NPAT meets a 50% forecast threshold.
Conversions are capped to keep each holder and affiliates below 24% of total voting rights on a fully diluted basis.
