AsiaMedic Limited (Catalist:505) entered into a binding term sheet to acquire LuyeEllium Healthcare Co., Ltd. from Luye Medicals Group Pte. Ltd., Park Hee Seok, Hong Yong Su and Choi Jin Seok for SGD 38.4 million on January 20, 2017. AsiaMedic Limited entered into a sale and purchase agreement to acquire LuyeEllium Healthcare Co., Ltd. from Luye Medicals Group Pte. Ltd., Park Hee Seok, Hong Yong Su and Choi Jin Seok for SGD 38.4 million on April 20, 2017. Under the terms, the consideration shall be settled by issue of 527.1 million new shares of AsiaMedic Limited., of which 368.97 million shares will be issued to LuyeEllium Healthcare Co., Ltd, 63.25 million shares each to Park Hee Seok and Hong Yong Su and 31.62 million shares to Choi Jin Seok. The consideration shares will be held in escrow appointed by AsiaMedic Limited and will be released in tranches ending fiscal years 2017, 2019, 2020. Luye Medicals Group Pte. Ltd., Park Hee Seok, Hong Yong Su and Choi Jin Seok currently hold 0.32 million shares, 0.05 million, 0.05 million and 0.02 million shares respectively in LuyeEllium Healthcare Co., Ltd. Post transaction, LuyeEllium Healthcare Co., Ltd. will operate as a wholly owned subsidiary of AsiaMedic Limited. The transaction is subject to due diligence, Board of Directors and shareholders’ approval of AsiaMedic Limited, Singapore Stock Exchange's approval, no distribution of capital or profits having been declared, made or paid by LuyeEllium Healthcare Co., Ltd., from January 1, 2016 to the date of completion, receiving satisfactory opinion from the auditors and financial adviser, Securities Industry Council having granted Luye Medicals Group Pte. Ltd. and its concert parties a waiver of their obligation to make a mandatory general offer under Rule 14 of the Singapore Code on Take-overs and Mergers, whitewash resolution, all approvals having been obtained, where required, including any third party consents and approvals from relevant regulatory and governmental bodies, including any anti-trust or competition fillings. The transaction is expected to close by October 31, 2017. As of October 27, 2017, the long top date was extended to February 28, 2018. On February 28, 2018, the long stop date was extended to August 31, 2018. Xandar Capital Pte. Ltd. acted as a financial adviser for AsiaMedic Limited.