Item 8.01 Other Events.
On December 9, 2022, Alset Inc. (the "Company") entered into an agreement with
Alset EHome Inc. and Alset International Limited, two majority-owned
subsidiaries of the Company, pursuant to which the Company agreed to reorganize
the ownership of its home rental business. Previously, the Company and certain
majority-owned subsidiaries collectively owned 132 single-family rental homes in
Texas. 112 of these rental homes are owned by subsidiaries of American Home REIT
Inc. ("AHR"). The Company owns 85.4% of Alset International Limited, and Alset
International Limited indirectly owns approximately 99.9% of Alset EHome Inc.
The closing of the transaction contemplated by this agreement was completed on
January 13, 2023. Pursuant to this agreement, the Company has become the direct
owner of AHR and its subsidiaries that collectively own these 112 homes, instead
of such homes being owned indirectly through Alset International Limited's
subsidiaries.
Alset EHome Inc. sold AHR to the Company for a total consideration of
$26,250,933, including the forgiveness of debt in the amount of $13,900,000, a
promissory note in the amount of $11,350,933 and a cash payment of $1,000,000.
This purchase price represents the book value of AHR as of November 30, 2022.
The closing of this transaction was approved by the shareholders of Alset
International Limited. Certain members of the Company's Board of Directors and
management are also members of the Board of Directors and management of each of
Alset International Limited and Alset EHome Inc.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
© Edgar Online, source Glimpses
ALSET INC. 
