China Great Land Holdings Ltd. (SGX:D50) entered into a nonbinding memorandum of understanding to acquire 74% stake in Joule Air Pte from Ong Peng Kwang Jemme, Raymond Loh Toh Yong and Mow Lai Lin for SGD 1.1 million on June 9, 2017. As per the terms of memorandum of understanding Ong Peng Kwang Jemme will sell 0.15 million shares for SGD 0.31 million, Raymond Loh Toh Yong will sell 0.35 million shares for SGD 0.7 million and Mow Lai Lin will sell 0.05 million shares for SGD 0.1 million. China Great Land Holdings Ltd. has been granted an option to purchase remaining shares of Joule Air from Ong Peng Kwang Jemme (representing 26% of the issued and paid-up shares in Joule Air) at an aggregate consideration of SGD 0.39 million which shall be exercisable by China Great Land Holdings Ltd. at any time during the period beginning from the first anniversary of the completion date to the fourth anniversary of the completion date. China Great Land Holdings Ltd. (SGX:D50) cancelled the acquisition of 74% stake in Joule Air Pte from Ong Peng Kwang Jemme, Raymond Loh Toh Yong and Mow Lai Lin on July 10, 2018.