Hu An Cable Holdings Ltd. (SGX:KI3) entered into a conditional agreement to acquire a 51% stake in Da Hang Trading Pte Ltd from Lai Jianling and Lin En for SGD 1.7 million on May 4, 2020. Under the terms of transaction, Hu An Cable will acquire 16,320 shares of Da Hang Trading, comprising of 51% of the issued and paid-up share capital for a total consideration of SGD 1.7 million, payable by way of issuance of 188,888,889 new ordinary shares in the Hu An Cable. As of February 28, 2020, Da Hang Trading had revenue of SGD 14.029 million, net profit before tax of SGD 0.897 million and net asset value of SGD 0.897 million. The transaction is subject to customary closing conditions, including consummation of due diligence investigation, appointment of Director in target, fulfillment of all necessary requirements under the Singapore Exchange Securities Trading Limited, Hu An Cable Holdings will be seeking Shareholders’ approval for the acquisition. Completion of the acquisition will take place not later than seven business days after all the Conditions Precedent are fulfilled. If the Conditions Precedent have not been fulfilled or waived by November 30, 2020, the agreement shall lapse and cease to have effect. Under the terms of the Agreement, Completion is conditional upon the Conditions Precedent being fulfilled or waived by mutual consent of the parties by November 30, 2020 or such date as the parties may agree in writing (the “Long-Stop Date”), failing which the Agreement shall lapse and cease to have effect, save for certain provisions which by their nature survive termination of the Agreement. The Company had, as announced on November 16, 2020, extended the Long-Stop Date to May 31, 2021. As of June 30, 2021, No payments have been made by the Hu An Cable, and no loans have been extended to Da Hang Trading Pte Ltd to-date. As of July 27, 2021, the long-stop date for the deal has since been pushed to December 31, 2021.