Ascent Bridge Limited (SGX:AWG) entered into share purchase agreement to acquire Luen Heng F & B Sdn Bhd. from Octopus Investment Pte. Ltd. for SGD 19.25 million on April 24, 2022. In related transaction, Ascent Bridge Limited entered into share purchase agreement to acquire 80% stake in Octopus Distribution Networks Pte. Ltd. and Cape Exim Pte. Ltd. for SGD 57.8 million. Ascent Bridge Limited will pay total consideration for both transactions as SGD 45 million in cash of which SGD 25 million will be paid in any amount and in any number of instalments during the 12 consecutive calendar months immediately following the completion date and SGD 32 million in shares. The transaction will be funded by the Company?s internal resources and bank borrowings. The transaction is subject to due diligence, shareholder?s approval, regulatory approval and entry into shareholders? agreement. As December 21, 2022, Ascent Bridge Board announced that as the Conditions Precedent for the Proposed Acquisitions have not been fulfilled or waived as at the long-stop date of December 21, 2022 as provided under the SPAs, the SPAs have therefore lapsed and will cease to have further effect with respect to the Proposed Acquisitions. As a result of the lapsing of the SPAs, the Company shall be retrieving the refundable SGD 5 million deposit paid to the Vendors earlier.

Ascent Bridge Limited (SGX:AWG) cancelled the acquisition of Luen Heng F & B Sdn Bhd. from Octopus Investment Pte. Ltd. on December 22, 2022.