Accrelist Ltd. (Catalist:QZG) entered into an agreement to acquire 51% stake in SJY Medical Pte. Ltd. from Sun Xue for SGD 0.55 million on April 18, 2023. Accrelist will acquire 0.102 million shares in SJY Medical.

As per the agreement, Consideration will satisfied by way of issue of new ordinary shares in Accrelist and cash in the following manner: (a) a refundable deposit of SGD 0.075 million to be payable in the form of cash upon the signing of the SPA, SGD 0.2 million to be payable in the form of cash upon Completion and 4.741379 million new ordinary shares in Accrelist. The transaction is conditional upon the completion of due diligence reasonably conducted to the satisfaction of Accrelist. The completion shall take place on the second business day (or such other date as mutually agreed between the Company and the Vendor) from the fulfilment (or waiver) of all the Conditions Precedent to the satisfaction of the relevant Parties and in full reliance of the warranties.

Accrelist and the Vendor shall take all steps necessary to satisfy the Conditions Precedent promptly, and in any event, no later than May 31, 2023 or such other date as Accrelist and the Vendor decided. As of June 1, 2023, the principal terms have been fulfilled.