Lim Kwang Seng Edwin, Managing Director of PS Components Pte. Ltd, acquired the remaining 90% stake in PS Components Pte. Ltd from PS Group Holdings Ltd. (Catalist:5WD) for SGD 0.28 million in a management buyout transaction on February 15, 2019. Pursuant to the sale and purchase agreement between Lim Kwang Seng Edwin and PS Group Holdings Ltd., Lim Kwang Seng Edwin acquired 0.45 million shares of PS Components Pte. Ltd. The consideration was paid in cash. Following completion, PS Components Pte. Ltd ceased to be a subsidiary of PS Group Holdings Ltd. and Lim Kwang Seng Edwin ceased to be a key executive of PS Group Holdings Ltd. In connection with the transaction, PS Components Pte. Ltd agreed to pay the amount of SGD 0.49 million (inter-company debt owing from PS Components Pte. Ltd to PS Group Holdings Ltd.) by way of 10 monthly installments over the period from March 2019 to December 2019 in accordance with the Deed of Repayment and Charge (Deed). Lim Kwang Seng Edwin provided a guarantee for the inter-company debt and a charge was created over the inventories and receivables of PS Components Pte. Ltd. In addition, in the event PS Components Pte. Ltd fails to pay the inter-company debt in accordance with the Deed, PS Components Pte. Ltd shall pay interest on any moneys due under the Deed from the due date of payment of such moneys until payment of all such moneys in full. For the year ended December 31, 2018, PS Components Pte. Ltd had net profit of SGD 0.004 million and as at December 31, 2018, net asset value of SGD 0.26 million. The transaction is not expected to have any material impact on PS Group Holdings Ltd's consolidated net tangible assets or earnings per share for the financial year ending December 31, 2019. PS Group Holdings Ltd. intends to use the sale proceeds for its working capital. Lim Kwang Seng Edwin, Managing Director of PS Components Pte. Ltd, completed the acquisition of the remaining 90% stake in PS Components Pte. Ltd from PS Group Holdings Ltd. (Catalist:5WD) in a management buyout transaction on February 15, 2019.