Tan Chu En Ian, Sinta Muchtar and unknown buyer entered into a conditional business sale and purchase agreement to acquire AEI (China) Holdings Pte. Ltd., AEI Corporation (Singapore) Pte. Ltd. and Assets of Ascent Bridge Limited for SGD 1.5 million on June 17, 2022. The consideration comprising such amount equivalent to the aggregate amount paid as at Completion Date by Ascent Bridge Limited to any creditors arising from or in connection with the corporate guarantees provided by the Company in respect of loan obligations of its subsidiaries. The consideration shall be payable in cash as 20% of the consideration, on the completion date; and 80% of the consideration, no later than such date falling 12 months after the completion date. The Net asset value of the vendor business is SGD 1.50 million and Net profit of vendor business is SGD 1.034 million for the year end December 31, 2021.

Tan Chu En Ian and Sinta Muchtar completed the acquisition of AEI (China) Holdings Pte. Ltd., AEI Corporation (Singapore) Pte. Ltd. and Assets of Ascent Bridge Limited for SGD 1.5 million on June 29, 2022.