Abterra Ltd. (SGX:L5I) entered into a non-binding memorandum of understanding to acquire Smart Harmony Investment Limited from Full Winner Industrial (Overseas) Limited on December 31, 2014. The principal terms of the proposed acquisition as set out in the MOU are subject to the terms and conditions to be agreed and set out in definitive agreements. As of July 27, 2015, Abterra Ltd. entered into a conditional sale and purchase agreement to acquire 60% stake in Smart Harmony Investment Limited from Full Winner Industrial (Overseas) Limited for SGD 78.6 million. Payment of the Consideration will be satisfied by setting-off an outstanding amount owing by the Shenzhen Manfu Industrial Company Limited to the Company under the deed of termination dated 31 December 2013. For the year ending December 31, 2014, Smart harmony reported revenue, profit after tax and total common equity of CNY 4.4 million, SGD 3.1 million and SGD 130 million. The transaction is subject to obtaining the approval of its shareholders at an extraordinary general meeting, legal and financial due diligence investigations on the Property, raising sufficient funds to fund the completion of the Proposed Acquisition and the Call Option, and to perform its several obligations contemplated under the SPA. As of June 2015, Abterra agreed to extend the end date of each of the exclusivity period and the due diligence period to July 31, 2015. As on December 29, 2015, Abterra Ltd. entered into an extension letter to extend the long-stop date under the agreement as more time is required to fulfill the conditions precedent to the deal. The completion date has been further extended to December 31, 2016. The currency conversion has been done through oanda.com as at July 27, 2015. In relation to the deed of termination and the proposed acquisition, Full Winner had granted Abeterra a share charge over Full Winner’s 65% shareholding in GNSA. As of December 30, 2016, the transaction was further extended till June 30, 2017. As of June 30, 2017, it was announced that Abterra Ltd. and Full Winner Industrial will re-negotiate certain terms. Abterra Ltd. (SGX:L5I) cancelled the acquisition of Smart Harmony Investment Limited from Full Winner Industrial (Overseas) Limited on December 30, 2017.