Abterra Ltd. (SGX:L5I) entered into a non-binding memorandum of understanding to acquire 51% stake in Tianjin Belong Faith Energy Minerals Co., Ltd from Lu Du Wei and Li Ya Nan in stock on February 13, 2017. The purchase consideration will be satisfied by the Abterra’s issuance and allotment of ordinary shares to the Lu Du Wei and Li Ya Nan. The transaction is subject to approval of definitive agreement. As of June 21, 2017, Abterra Ltd. entered into agreement to acquire 51% stake in Tianjin Belong Faith Energy Minerals Co., Ltd from Lu Du Wei and Li Ya Nan for CNY 98.5 million. As per the terms of agreement Abterra Ltd. will issue 48.5 million shares. Abterra Ltd. intends to satisfy the consideration for the proposed acquisition by way of allotment and issuance of the Consideration Shares to the Vendors. The transaction is subject to approval of SGX-ST, government approval, due diligence and other conditions. Abterra Ltd. shareholders approval is not required for the transaction. The Board of Directors of Abterra Ltd. is of the view that the proposed acquisition is in the best interests of Abterra Ltd. As on August 14, 2017, Abterra Ltd. received approval from SGX-ST for listing of consideration shares. The transaction is expected to close on December 31, 2017. Abterra Ltd. (SGX:L5I) completed the acquisition of 51% stake in Tianjin Belong Faith Energy Minerals Co., Ltd from Lu Du Wei and Li Ya Nan on August 18, 2017. Abterra Ltd. has allotted 43.7 million and 4.86 million shares to Ly Ya Nan and Lu Du Wei respectively as consideration shares.