IPGL Limited entered into an agreement to acquire 33.8% stake in Singapore Life Pte. Ltd. from Chong Sing Holdings FinTech Group Limited (SEHK:8207) for $52.8 million on December 6, 2018. As per the terms, IPGL Limited shall acquire 21.3 million shares of Singapore Life. The consideration shall be settled in full upon completion. Presently, IPGL Limited holds 29.4% stake in Singapore Life. Post-completion, Chong Sing Holdings will cease to have any interest in Singapore Life. For the year ended December 31, 2017, Singapore Life reported loss after taxation of $5 million and net asset value of $44 million. Completion shall take place on the date of signing of the agreement. Chong Sing Holdings FinTech Group Limited intends to apply the proceeds from the disposal for general working capital purposes. IPGL Limited completed the acquisition of 33.8% stake in Singapore Life Pte. Ltd. from Chong Sing Holdings FinTech Group Limited (SEHK:8207) on December 6, 2018. The deal has been approved by the Monetary Authority of Singapore.