Rich Glory International Investment Limited entered into a non biding term sheet to acquire ayondo Ltd. (Catalist:1I5) for SGD 65.9 million in a reverse merger transaction on April 13, 2020. As of July 29, 2020, Rich Glory International Investment Limited entered into a conditional sale and purchase agreement to acquire ayondo Ltd. (Catalist:1I5) in a reverse merger transaction. The purchase price shall be satisfied in full by the issue and allotment of such number of new ordinary shares in the capital of ayondo to the Rich Glory International Investment.

As part of the acquisition, ayondo will issue 235.3 million shares to Rich Glory International Investment Limited post the share consolidation. The trading of the ayondo's shares has been suspended since February 1, 2019 and at present, the Company does not have any ongoing business operations after having disposed of all its operating subsidiaries, including the liquidation of two subsidiaries. The deal is subject to completion of satisfactory legal, tax, financial due diligence by ayondo Ltd, approvals of the SGX-ST, the Securities Industry Council and any other relevant authorities.

The acquisition is also subject to the approvals of the shareholders of ayondo Lt, subject to the entry into definitive agreement for the proposed acquisition. The completion of the Loan Capitalisation. As of July 29, 2020, the acquisition was approved by the Securities Industry Council and ayondo has obtained the approval of the Whitewash Resolution from the independent shareholders.

Ayondo had received a notification of delisting from the Singapore Exchange (SGX) on September 20, 2021.The acquisition is expected to close in 12 months from the agreement date. Asian Corporate Advisors Pte. Ltd. acted as financial advisor to ayondo Ltd.