Chu Sau Ben, Executive Chairman and the Chief Executive Officer of Libra Group Limited entered into a memorandum of understanding to acquire 51% stake in YC Travel and Tours Sdn. Bhd. from Libra Group Limited (Catalist:5TR) for SGD 12 million on April 15, 2019. Under the terms of the memorandum of understanding, the consideration will be paid in cash and Libra Group Limited received partial payment of a nonrefundable cash deposit of SGD 2.5 million as deposit. The deposit shall be offset against the consideration payable on the completion date. The transaction is subject to; Libra Group Limited and YC Travel and Tours having obtained all necessary approvals from their respective board of directors and/or shareholders; an independent valuation be conducted on YC Travel and Tours by a reputable independent valuer to be appointed by Libra Group Limited; Libra Group Limited, YC Travel and Tours having and Chu Sau Benhaving obtained all necessary third party, governmental and regulatory consents, approvals and waivers (including but not limited to, where applicable, approval from the SGX-ST) where required and Libra Group Limited obtaining an opinion from an independent financial adviser that the transaction is on normal commercial terms and are not prejudicial to the interests of Libra Group Limited and its minority shareholders. Gn Jong Yuh Gwendolyn of Shook Lin & Bok LLP acted as legal advisor for Libra Group Limited.