Sunrise Shares Holdings Ltd. (Catalist:581) entered into entered into a share sale agreement to acquire Falcon Pace Sdn Bhd from Datuk Wira Boo Kuang Loon for SGD 3.4 million on November 21, 2023. The consideration will be satisfied by - cash payment of SGD 0.5 million and issuance of 85.7 million shares. The cash consideration of SGD 0.5 million will be funded by internal resources.

Falcon reported net profit after tax of SGD 0.2 million and net asset value of SGD 0.2 million on June 30, 2023. The transaction is conditional on outcome of the legal and financial due diligence exercises, issuance of the formal valuation report with a valuation satisfactory to Sunrise Shares, vendor receiving waiver from the Securities Industry Council, Sunrise Shares obtaining such approval(s) as may be required from the SGX-ST, Sunrise Shares satisfying all conditions and/or requirements imposed by the SGX-ST and the Catalist Rules, receipt, non-withdrawal of the listing and quotation notice from the SGX-ST and approval of the directors and the shareholders of Sunrise Shares at an EGM, If required, the approval or consent of any government in any jurisdiction, whether federal, state, provisional, territorial or local, any authority of any government, any non-government regulatory authority and any other third parties and any other condition precedents as may be required arising from the outcome of the legal and/or financial due diligence exercise. As of December 21, 2023, the board of Sunrise Shares wishes to announce that as the Conditions Precedent have not all been fulfilled within one month from the date of the Share Sale Agreement.

The buyer and seller have agreed in writing by way of a letter to extend such date to fulfil the conditions precedent to February 28, 2024. As on February 8, 2024, the Securities Industry Council approved the transaction. As of February 27, 2023, the board has informed that the date to fulfil all the conditions precedent has been extended to April 30, 2024.

Xandar Capital Pte. Ltd. acted as the independent financial advisor to Sunrise Shares Holdings Ltd.