KL Energy Partners Limited entered into an agreement to acquire MMP Resources Limited (SGX:F3V) for SGD 6.2 million in a reverse merger transaction on March 2, 2020. The transaction is structured as MMP Resources acquiring entire share capital of KL Energy Partners in exchange of 2.214 billion shares. As per MMP’s transaction discussions with the Exchange, the transaction should be classified as a “reverse takeover” for the purposes of Chapter 10 of the Listing Rules. Completion of proposed acquisition is conditional upon MMP Resources and KL Energy Partners's Board of Directors approvals, all necessary approvals from its MMP Resources's shareholders at an extraordinary general meeting, the approval of a whitewash resolution from independent Shareholders for the waiver of their rights to receive such a mandatory general offer from the Arrabco & Partners Limited and business and operational, financial and legal due diligence on the KL Energy Partners having been completed by MMP Resources. The long stop date for the proposed acquisition shall be 9 months from the date of the sale and purchase agreement. KL Energy Partners Limited cancelled the acquisition of MMP Resources Limited (SGX:F3V) in a reverse merger transaction on April 28, 2020. It will be difficult for the KL Energy Partners to fulfill certain requirements under the Listing Rules for a “reverse takeover” transaction.