Lai Xuejun, Li Bo, Zhang Xiaoping, Li Xiaolin, Zhang Yongming and Tang Ronghui entered into a sale and purchase agreement to acquire 70% stake in Uni Global Power Pte. Ltd. from Emerging Towns & Cities Singapore Ltd. for SGD 4 million.

Lai Xuejun, Li Bo, Zhang Xiaoping, Li Xiaolin, Zhang Yongming and Tang Ronghui entered into a sale and purchase agreement to acquire 70% stake in Uni Global Power Pte. Ltd. from Emerging Towns & Cities Singapore Ltd. (Catalist:1C0) for SGD 4 million on July 1, 2023. Under the terms, a deposit of SGD 0.5 million will be paid within seven (7) days of the date of the agreement, a first tranche of SGD 1.5 million on completion, a second tranche of SGD 1 million within six (6) months after the completion date and a third tranche of SGD 1 million within twelve (12) months after the completion date.

Completion of the transaction is subject to the approval of the shareholders and Board of Directors of Emerging Towns & Cities, all consents, approvals, waivers or clearances for the acquisition from government or regulatory authorities or third parties, completion of all necessary financial, legal and all other due diligence. The proceeds from the proposed disposal will be used for general working capital purposes and repayment of Emerging Towns & Cities’ existing liabilities. The long stop date is March 31, 2024.