Accrelist Ltd. (Catalist:5RJ) entered into an agreement to acquire Refresh Laser Clinic Bedok Pte. Ltd., Refresh Laser Clinic Lot1 Pte. Ltd., Refresh Laser Clinic Tampines Pte. Ltd. and Refresh Laser Clinic Tpy Pte. Ltd. from Charles Leck Tin Hong, Rachel Leck Seok Noi, Lee Bee Seng, Wong Meng Hang, Char Li Shing and Refresh Group Pte. Ltd. for SGD 3.5 million on January 23, 2018. Under the terms of the agreement, Accrelist agreed to pay SGD 2 million in cash and issue 250 million ordinary shares of Accrelist upon completion. As part of the transaction, Charles Leck Tin Hong, Rachel Leck Seok Noi, Lee Bee Seng and Refresh Group Pte. Ltd. each agreed to sell their 24.25% stake in Refresh Laser Clinic Lot1 Pte. Ltd., Refresh Laser Clinic Tampines Pte. Ltd. and Refresh Laser Clinic Tpy Pte. Ltd. while Wong Meng Hang agreed to sell 3% stake in Refresh Laser Clinic Bedok Pte. Ltd., Refresh Laser Clinic Lot1 Pte. Ltd., Refresh Laser Clinic Tampines Pte. Ltd. and Refresh Laser Clinic Tpy Pte. Ltd. For Refresh Laser Clinic Bedok Pte. Ltd., Charles Leck Tin Hong, Lee Bee Seng and Refresh Group Pte. Ltd. each agreed to sell their 6.075% stake while Char Li Shing agreed to sell 10% stake, Wong Meng Hang agreed for 11.7% stake and Rachel Leck Seok Noi agreed to sell 60.075% stake in Refresh Laser Clinic Bedok. The acquisition will be partially financed by internal sources of funds and partially through the issue and allotment of consideration shares. As a result of the transaction, Refresh Laser Clinic Bedok Pte. Ltd., Refresh Laser Clinic Lot1 Pte. Ltd., Refresh Laser Clinic Tampines Pte. Ltd. and Refresh Laser Clinic Tpy Pte. Ltd. will become 100% owned subsidiaries of Accrelist. Post completion, Charles Leck Tin Hong, Leck Seok Noi, Rachel, Lee Bee Seng, Char Li Shing and Wong Meng Hang will not be appointed as a Board member of Accrelist Ltd. or Directors in Refresh Laser Clinic Bedok Pte. Ltd., Refresh Laser Clinic Lot1 Pte. Ltd., Refresh Laser Clinic Tampines Pte. Ltd. and Refresh Laser Clinic Tpy Pte. Ltd. The transaction is subject to shareholders' approval of Accrelist Ltd., the financial year 2017 audited account of Refresh Laser Clinic Bedok Pte. Ltd., Refresh Laser Clinic Lot1 Pte. Ltd., Refresh Laser Clinic Tampines Pte. Ltd. and Refresh Laser Clinic Tpy Pte. Ltd. being prepared in accordance with the Singapore Financial Reporting Standards and being ready and available on or before December 31, 2017, all relevant corporate and governmental and regulatory approvals, the results of the financial, operational and legal due diligence of Refresh Laser Clinic Bedok Pte. Ltd., Refresh Laser Clinic Lot1 Pte. Ltd., Refresh Laser Clinic Tampines Pte. Ltd. and Refresh Laser Clinic Tpy Pte. Ltd., listing and quotation notice for the issuance and allotment of the consideration shares having been obtained and not being revoked or amended, any conditions attached to the listing and quotation notice which is required to be fulfilled on or before the completion date having been fulfilled on or before that date, execution of a service agreement between Refresh Laser Clinic Bedok Pte. Ltd., Refresh Laser Clinic Lot1 Pte. Ltd., Refresh Laser Clinic Tampines Pte. Ltd., Refresh Laser Clinic Tpy Pte. Ltd. and Charles Leck Tin Hong, Leck Seok Noi, Rachel, Lee Bee Seng, Char Li Shing and Wong Meng Hang with the terms and conditions acceptable to Accrelist Ltd. and a fully operational clinic at SingPost Centre to be set up on or before April 1, 2018 and other conditions. As of August 1, 2018, the Board of Directors of Accrelist unanimously recommended its shareholders to vote in favor of the ordinary resolution relating to the transaction. General meeting of shareholders of Accrelist will be held on August 17, 2018. The transaction was approved by the shareholders of Accrelist Ltd. on August 17, 2018. On September 14, 2018, Accrelist Ltd. received the listing and quotation notice for the listing and quotation of consideration shares, subject to compliance with the listing requirements of Singapore Exchange Securities Trading Limited (SGX-ST). The transaction is expected to complete within seven calendar days after the satisfaction or waiver of the conditions or such other date as may be mutually agreed upon. On June 8, 2018, an addendum to the agreement was made and the long stop date was extended for a period of three months to August 23, 2018. As on August 28, 2018, the long stop date was extended to a further period of three months to November 23, 2018. The transaction is not expected to have any impact on the earnings per share of Accrelist Ltd.