An unknown buyer signed memorandum of understanding to acquire Global Arts Limited from Treet Corporation Limited (KASE:TREET) on October 20, 2020. The Board of Directors of Treet Corporation Limited has in principle decided for the transaction. The buyer shall undertake due diligence and if satisfied a formal sale and purchase agreement will be executed. The approval from the shareholders of Treet Corporation Limited shall be obtained in annual general meeting to be held on October 31, 2020. The proceeds of the trasnaction shall be used to reduce the Treet Corporation Limited 's borrowing from the Financial Institutions.