APAC Realty Limited agreed to acquire a 22% stake in Eurocapital Joint Stock Company from Pham Thanh Tuan, Vu Duy Khuong, Vu Duc Hieu, Vu Trung Phong, Tran Dong An and Tong Nam Tran for SGD 4.9 million.

APAC Realty Limited (SGX:CLN) agreed to acquire a 22% stake in Eurocapital Joint Stock Company from Pham Thanh Tuan, Vu Duy Khuong, Vu Duc Hieu, Vu Trung Phong, Tran Dong An and Tong Nam Tran on January 9, 2023. In related transaction, APAC Realty agreed to acquire a 22% stake in ERA Vietnam Real Estate Joint Stock Company from Pham Thanh Tuan, Vu Duy Khuong, Vu Duc Hieu, Vu Trung Phong, Tran Dong An and Tong Nam Tran. Aggregate, Consideration payable of SGD 15.4 million, including an earn-out incentive of up to SGD 10.5 million, based on the revenue and net income generated.

Pham Thanh Tuan is selling 4% of 19% stake such that his shareholding on completion of the Proposed Acquisitions will be retaining 15% in each of ERA VN and Eurocapital. a share purchase agreement with the Sellers to acquire 176,000 ordinary shares in Eurocapital, representing 22% of the share capital of Eurocapital. Upon completion of the transaction, the Group will increase its shareholding in ERA Vietnam and Eurocapital to 60% each.

The Proposed Acquisitions will be funded with APAC Realty's internal funds. Completion is subject to certain customary conditions precedent, such as regulatory approval from the relevant Vietnam authorities and entry into a shareholders’ agreement. Oh Hsiu Hau and Tran Thi Phuong Thao from Allen & Gledhill acted as legal advisor to APAC Realty Limited in the transaction.