Guangzhou Shuojin Mechatronics Co., Ltd acquired additional 50% stake in Kian Ho Guangzhou Co. Ltd. from Raffles United Holdings Ltd. (SGX:K22) for SGD 0.98 million on December 30, 2015. The consideration consists of SGD 0.56 million in the form of inventory which had been received by Raffles while the remaining SGD 0.43 million is in the form of cash or inventory on or before March 31, 2016. As a result of transaction, Raffles United is left with 15% stake in Kian Ho Guangzhou. The transaction is not expected to have any material financial impact on the consolidated net tangible assets per share and consolidated earnings per share of Raffles United Holdings for the current financial year ending December 31, 2015.

Guangzhou Shuojin Mechatronics Co., Ltd completed the acquisition of additional 50% stake in Kian Ho Guangzhou Co. Ltd. from Raffles United Holdings Ltd. (SGX:K22) on December 30, 2015.