Phoenix International LLC agreed to acquire Arkstar Unicorn Pte. Ltd from Hoe Leong Corporation Ltd. (SGX:H20) for SGD 2.5 million on August 7, 2020. Phoenix International LLC will pay initial consideration of 10% of the deal value within 5 banking days of United States, Singapore, Turkmenistan and Turkey, after the MOA is signed. The consideration will be paid in cash. The balance 90% of the Consideration shall be paid to the Arkstar Unicorn Pte. Ltd bank account held with DBS Bank Ltd. Arkstar Unicorn Pte. Ltd reported net loss of SGD 5.006 million year ended on December 31, 2019. The transaction is subject to approval of bankruptcy court , approval of offer by Arkstar Unicorn Pte. Ltd shareholders and waiver of offer by Singapore stock exchange. AS of October 15, 2020 board of directors approved the disposal of Arkstar Unicorn Pte. Ltd. Hoe Leong Corporation Ltd intends to utilise the net proceeds from the Proposed Disposal towards full repayment of the existing bank borrowingsdue to DBS Bank Ltd and towards partial settlement of other liabilities of Arkstar Unicorn Pte. Ltd.