Professional Education Management Pte Ltd entered into share sale agreement to acquire Informatics Academy Pte Ltd. from Informatics Education Ltd. for SGD 0.32 million.

Professional Education Management Pte Ltd entered into share sale agreement to acquire Informatics Academy Pte Ltd. (IAPL) from Informatics Education Ltd. (SGX:BOU) for SGD 0.32 million on December 15, 2021. Under the terms of transaction, the consideration of SGD 320,000, representing 0.61 cents per share, will be paid in cash, of which SGD 100,000 will be paid at the time of signing of share sale agreement, SGD 100,000 at completion, and SGD 120,000 three months from completion. All liabilities in connection with the business arising as of November 30, 2021 are excluded from the sale and purchase under the agreement and shall not be transferred to and assumed by Professional Education Management.

As of June 30, 2021, IAPL recorded net loss of SGD 1.3 million. Upon completion of the transaction, IAPL will cease to be a subsidiary of Informatics Education. Informatics Education intends to use the proceeds to settle the liabilities of IAPL.

The transaction requires approval from Informatics Education's shareholders.