An unknown buyer entered into a non-legally binding memorandum of understanding to acquire Hsin Chong Construction Company Limited from Hsin Chong Group Holdings Limited on August 29, 2018. Pursuant to the memorandum of understanding, the Hsin Chong Group Holdings Limited agreed that the buyer or its associated companies can appoint personnel or teams to jointly manage all the projects of Hsin Chong Group Holdings Limited and its subsidiaries. Hsin Chong Group Holdings Limited further agreed that upon signing of the memorandum of understanding, the buyer can appoint personnel to establish a joint working committee with the Board to jointly lead, coordinate and supervise the daily operation, working capital status and restructuring matters of the Hsin Chong Group Holdings Limited and its subsidiaries. The deal is subject to entering into of a formal agreement and the results of the due diligence to be carried out by the buyer. There is an exclusive period of 90 days from the date of the memorandum of understanding which Hsin Chong Group Holdings Limited offered to the buyer with respect to the disposal or transaction. Euto Capital Partners Limited acted as financial advisor to Hsin Chong Group Holdings Limited in the transaction. As of September 7, 2018, entered into a supplemental memorandum of understanding and as per the term the ivestor shall be allowed to continue its due diligence exercises for the potential investment, company or any of its subsidiaries must obtain the written consent of the Purchaser before entering into of any agreement with any third party in relation to the potential investment. An unknown buyer cancelled the acquisition of Hsin Chong Construction Company Limited from Hsin Chong Group Holdings Limited on August 29, 2019.