Alpha Energy Holdings Limited entered into a conditional sale and purchase agreement to acquire Kydon Learning Systems Institute Pte. Ltd. for SGD 12 million.

Alpha Energy Holdings Limited (Catalist:5TS) entered into a conditional sale and purchase agreement to acquire Kydon Learning Systems Institute Pte. Ltd. for SGD 12 million on July 14, 2020. The acquisition is facilitated by Didi Investments, Inc. As per term of transaction, consideration SGD 10 million will be paid on or before completion out of which SGD 8 million will be in cash and SGD 2 million by issuance of 400 million of shares at SGD 0.005 of share and balance consideration of SGD 2 million on the end of the month in which the completion confirms the achievement of the promised assets Increase or twelve months after the completion date. As of January 22, 2021, the consideration of SGD 8 million in cash and SGD 2 million in shares has been paid. Consideration will be funded from a potential capital investment of SGD 20 million out of which SGD 10 million will be used for financing of acquisition. On September 24, 2020, the cash portion of the transaction will be funded from the proceeds of a convertible loan. For the year ended December 31, 2020, Kydon Learning Systems Institute Pte. Ltd. reported revenue of SGD 7.5 million and net profit of approximately SGD 1.31 million. David Yeo will oversee and take charge of the business and management of the KLSI Group while Samuel tan, Managing Director of KLSI, Rakesh Kumar Gupta, Research & Development Director of KLSI and Victor Lee Sey Mun, Business Development Director will retain their respective positions. Transaction is subject to approval of board, approval of shareholder of Alpha Energy Holdings Limited and approval of Singapore stock exchange for listing of new shares. As of September 24, 2020, the shareholders of Alpha Energy approved the transaction. Transaction is expected to complete on August 31, 2020. As of September 2, 2020, both Alpha Energy and Kydon Learning Systems Institute mutually agreed to extend the long stop date to September 30, 2020. As of November 30, 2020, both Alpha Energy and Kydon Learning Systems Institute mutually agreed to extend the long stop date from November 31, 2020 to December 31, 2020. As of December 31, 2020, both Alpha Energy and Kydon Learning Systems Institute mutually agreed to extend the long stop date from December 31, 2020 to January 31, 2020. Morgan, Lewis & Bockius LLP acted as legal advisor to Alpha Energy Holdings Limited in the transaction.