8VIC Global Pte Ltd entered into term sheet to acquire Digimatic Group Ltd. (ASX:DMC) in reverse merger transaction on November 6, 2017. 1.53 billion Digimatic shares will be issued as consideration representing 66.5% of the enlarged share capital of Digimatic for 2.15 million shares of 8VIC Global. After the closing, 8I holdings will hold 69.7% stake in Digimatic from 10.8% stake earlier. Pauline Teo Puay Lin, the Director and Chief Executive Officer of 8VIC Global, will be appointed as an Executive Director of Digimatic Group. Deal is subject to approval from shareholders of Digimatic and 8I Holdings, completion of due diligence, regulatory approvals, approval by each party’s board, and waiver of rights of Digimatic’s other shareholders for any offer for their shares in Digimatic. Meeting of shareholders of Digimatic will be held on November 22, 2017. As of November 22, 2017, transaction has been approved by the shareholders of 8I Holdings. A share acquisition agreement will be signed by November 24, 2017. The parties expect to complete the transaction on November 27, 2017. 8VIC Global will not proceed with the proposed listing on SGX-ST Catalist.