Ascent Bridge Limited (SGX:AWG) agreed to acquire an 80% stake in Octopus Distribution Networks Pte. Ltd. and Cape Exim Pte. Ltd. from Octopus Global Hldgs Pte Ltd for approximately SGD 57 million on April 22, 2022. In the related transaction Ascent Bridge Limited (SGX:AWG) also agreed to acquire 39.2% stake in Luen Heng F&B Sdn. Bhd. Transaction is subject to deferred payment of SGD 25 million for both the transaction. Acquisition is will be funded through internal resources. Transaction is subject to conducting due diligence, obtaining regulatory approval, subject to shareholder's approval. Transaction is expected to complete within 8 months of singing the Share Purchase agreement. On 1 September 2022, the Company announced that the SGX-ST did not approve the Exit Application because the Company has not met the criteria for exit. 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 an 80% stake in Octopus Distribution Networks Pte. Ltd. and Cape Exim Pte. Ltd. from Octopus Global Hldgs Pte Ltd on October 2, 2023.