Africa Clean Energy Solutions Limited (MUSE:ACES.N0000) agreed to acquire Business of South Africa Clean Energy Solutions Limited (SACE) for $2 million on May 29, 2019. Africa Clean Energy Solutions Limited (MUSE:ACES.N0000) signed a sale and purchase agreement to acquire Business of South Africa Clean Energy Solutions Limited on May 19, 2020. Under the terms, ACES will acquire assets and liabilities of SACE in exchange of 2 million shares in ACES. The transaction is subject to Approval from both the shareholders of ACES and SACE, Approval of the Listing Executive Committee of the SEM to proceed with the completion of the transaction, Approval of the SEM to issue and list the new shares of ACES that will be issued to the shareholders of SACE as consideration for the acquisition. As of May 29, 2019, The Exchange Control Authorities of the South African Reserve Bank has already granted authority to ACES. Approval of Listing Executive Committee of the SEM was sought and obtained on June 26, 2020. Both the shareholders of ACES and SACE have approved the Transaction. It is expected that the transaction and new issue of ACES shares to SACE will be completed by end of May 2020. Deloitte acted as accountant for SACE, Deloitte - Mauritius acted as accountant for ACES and Perigeum Capital Ltd acted as financial advisor for ACES.