SAPPHIRE CORPORATION LIMITED Company Registration No. 198502465W (Incorporated in Singapore)

COMPLETION OF ACQUISITION OF MANCALA HOLDINGS PTY LTD

The board of directors (the "Board") of Sapphire Corporation Limited (the "Company", together with its subsidiaries, the "Group") refers to the announcement dated 9 October 2013 in relation to the proposed acquisition of Mancala Holdings Pty Ltd (the "Previous Announcement").
Unless otherwise defined herein, all capitalised terms and expressions used in this announcement shall bear the same meanings as ascribed to them in the Previous Announcement.
The Board is pleased to announce that the Acquisition has been completed today, and the Sale Shares have been transferred to the Company.
As stated in the Previous Announcement, the Company shall, no later than the date falling three (3) months from Completion (being 3 April 2014), submit the First ALA to the SGX-ST to apply for the listing and quotation of the Consideration Shares to be issued in satisfaction of the First Tranche Consideration which is in the amount of A$1,500,000. The Company will make an announcement when it receives the approval-in-principle from the SGX-ST for the listing and quotation of such Consideration Shares.
The satisfaction of the Second Tranche Consideration and Final Tranche Consideration are subject to the issue of the audited financial statements of Mancala for the 12 months ending 31 December 2014 and 31
December 2015, respectively.
To secure payment of the Consideration, the Company has granted security over the Sale Shares in favour of the Vendors. The Sale Shares shall be released from encumbrance proportionately as and when the First Tranche Consideration, Second Tranche Consideration and Final Tranche Consideration are satisfied.
BY ORDER OF THE BOARD
Teh Wing Kwan
Executive Director and Group Chief Executive Officer
7 January 2014
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