Beacon International Group, Ltd. entered into a sale and purchase agreement to acquire Ins Communications Private Limited from Singapore Reinsurance Corporation Limited (SGX:S49), Subramaniam Mokanasivam and Sheela D/O Suppiah for SGD 2 million on August 14, 2020. Beacon International Group, Ltd. will acquire 1 million shares. The Consideration shall be paid by Beacon International Group, Ltd. in the following manner in cash: (a) SGD 1 million shall be paid at Completion; (b) SGD 125,000 shall be paid within one (1) year from Completion; (c) SGD 125,000 shall be paid within two (2) years from Completion; (d) SGD 125,000 shall be paid within three (3) years from Completion; and (e) SGD 125,000 shall be paid within four (4) years from Completion. Beacon International Group, Ltd. has agreed that the Vendors shall be entitled to 75% of the reserve fund of INS immediately prior to Completion, and at Completion, an amount equivalent to such reserve fund shall be payable by Beacon International Group, Ltd. to the Vendors. The Reserve Fund Amount is SGD 522,000. Following Completion, Beacon International Group, Ltd. shall also pay the Vendors 25% of the net profits after taxes of INS in respect of each of the four (4) financial years of INS which commence after Completion (i.e. being the financial years ending December 31, 2021, December 31, 2022, December 31, 2023 and December 31, 2024) based on the audited financial statements of INS. Completion is conditional upon, inter alia, the following being satisfied: (a) no matters having been disclosed in the results of Beacon International Group, Ltd.'s due diligence investigations in respect of the Company that have a material adverse effect on the business of Singapore Reinsurance Corporation Limited; (b) the resolutions of the board of directors of Singapore Reinsurance Corporation Limited having been obtained for the entry into and completion of, the transactions contemplated to be entered into in the SPA; (c) the resolution of the board of directors of Beacon International Group, Ltd. having been obtained for the entry into and completion of, the transactions contemplated to be entered into in the SPA; all necessary consents, approvals and waivers of the relevant authorities having jurisdiction over the transactions contemplated in the SPA, financial institutions or other third parties having been obtained by the Purchaser or the Vendors (including, without limitation and if necessary, the approval of the Singapore Exchange Securities Trading Limited (the “SGX-ST”) and any waiver of rights of pre-emption or first refusal referred to in the SPA), such consents, approvals and waivers not having been amended or revoked before the date of Completion (the “Completion Date”), and to the extent that such consents, approvals and waivers are subject to any conditions required to be fulfilled before the Completion Date, all such conditions having been duly so fulfilled; and Subramaniam Mokanasivam, as the Editor-in-Chief of Asia Insurance Review and Middle East Insurance Review, entering into a new service contract with INS for a period concluding on December 31, 2020. Singapore Reinsurance Corporation Limited intends to use 100% of the net cash proceeds from the transaction for working capital. Beacon International Group, Ltd. completed the acquisition of Communications Private Limited from Singapore Reinsurance Corporation Limited (SGX:S49), Subramaniam Mokanasivam and Sheela D/O Suppiah on August 26, 2020. The Conditions Precedent have been fulfilled, save for the resolution of the board of directors of Beacon International having been obtained for the entry into and completion of, the transactions contemplated to be entered into in the agreement and Subramaniam Mokanasivam, as the Editor-in-Chief of Asia Insurance Review and Middle East Insurance Review, entering into a new service contract with INS for a period concluding on December 31, 2020, which have been waived by the parties. On September 25, 2020, Beacon International Group paid the reserve fund amount to Singapore Reinsurance Corporation Limited, Subramaniam Mokanasivam and Sheela D/O Suppiah.