Forise International Limited (SGX:8A1) signed non-binding term sheet to acquire 50.13% stake in Shinmax Products Sdn. Bhd. from Lum Chee Seng and Toh Wee Kiong for SGD 2.87 million on June 27, 2024. A cash consideration of SGD 1.15 million will be paid by Forise International Limited. As part of consideration, SGD 2.87 million is paid towards common equity of Shinmax Products Sdn. Bhd.

The transaction is subject to approval by regulatory board / committee, approval of offer by acquirer shareholders and consummation of due diligence investigation.