WE Holdings Ltd. cancelled the acquisition of SingYaSin Holdings Pte Ltd., LSP Advance Sdn. Bhd, LSP Technology Pte. Ltd. and 10% stake in SCT Technologies Pte Ltd. from a group of individuals.
As of February 14, 2014, WE Holdings entered into the following two supplemental agreements, the first of which is with the LSP Advance vendors, whereby WE Holdings and LSP Advance vendors had agreed to amend the terms of the agreement to provide that completion of the sale and purchase of the LSP Advance sale shares shall, in addition to the existing conditions precedent under the agreement, also be conditional upon the completion of the sale and purchase of the LSP Technology sale shares pursuant to the LSP Technology agreement, the second of which is with SingYaSin and SCT whereby the terms have been amended to provide that (i) WE Holdings shall, on 14 February 2014, pay to the vendors in their respective proportions a deposit amount of SGD 0.1 million (ii) the deposit will be refundable in case of termination.
As on June 2, 2014, the conditions precedent to have not been fulfilled by the date falling four months from the date of the share purchase agreement, hence the LSP Advance Sdn. Bhd and LSP Technology agreement has automatically lapsed. WE Holdings Ltd. (Catalist:5RJ) signed a supplemental agreement to acquire SingYaSin Holdings Pte Ltd. and 10% stake in SCT Technologies Pte Ltd. from a group of individuals. They mutually agreed to extend the cut-off date for fulfilment of conditions precedent to August 31, 2014, on condition that the consideration shall be satisfied entirely in cash. In addition, in order to facilitate completion of the SingYaSin and SCT agreement, it has been agreed that the SCT sale shares shall be transferred by Terence Tea Yeok Kian to SingYaSin. Following this, WE Holdings will no longer be acquiring the SCT sale shares, as Terence Tea Yeok Kian has transferred the SCT sale shares to SingYaSin and SCT Technologies is now wholly-owned by SingYaSin. Following this amendment, WE Holdings Ltd. will no longer be issuing any consideration shares. As of September 19, 2014, it has been mutually agreed to extend the long stop date for fulfillment of conditions precedent by six months to February 28, 2015. Asian Corporate Advisors Pte Ltd acted as financial advisor to We Holding in the transaction.
WE Holdings Ltd. (Catalist:5RJ) cancelled the acquisition of SingYaSin Holdings Pte Ltd., LSP Advance Sdn. Bhd, LSP Technology Pte. Ltd. and 10% stake in SCT Technologies Pte Ltd. from a group of individuals on January 29, 2015.