Diversified Communications Inc. acquired HRM Asia Pte. Ltd. from Arowana International Limited (ASX:AWN) for SGD 9.48 million on October 17, 2014. According to the agreement, SGD 0.98 million of the purchase price would be held in escrow. In 2014, HRM Asia Pte. Ltd reported statutory revenue and profit before tax of AUD 4.6 million (SGD 5.18 million) and AUD 0.9 million (SGD 1.01 million) respectively. Net assets for HRM at June 30, 2014 were AUD 5.3 million (SGD 6.24 million). The sale price is value accretive. Mayfield Media Strategies Ltd. acted as financial advisor for Arowana International. The currency conversion was done using www.oanda.com for revenue and profit before tax on Decemeber 31, 2013 and for Net assets on June 30, 2014.

Diversified Communications Inc. completed the acquisition of HRM Asia Pte. Ltd. from Arowana International Limited (ASX:AWN) on October 17, 2014.