Param Mitra Coal Resources One Pte. Limited, Param Mitra Coal Resources Two Pte. Limited, Dragon Power Investments Limited and 76% of Unity Holding Business Singapore Pte. Ltd. entered into a non-binding term sheet to acquire C&G Environmental Protection Holdings Limited (SGX:D79) in a reverse merger transaction on December 28, 2017. On June 5, 2018, an agreement was signed. Under the terms of the transaction, the consideration will be satisfied by the issue and allotment of 48.9 billion new ordinary shares in the share capital of C&G Environmental Protection Holdings Limited to Param Mitra Coal Resources Pte Ltd (vendor), the owner of Param Mitra Coal Resources One Pte. Limited, Param Mitra Coal Resources Two Pte. Limited, Dragon Power Investments Limited, and Unity Holding Business Singapore Pte. Ltd (target companies). An additional consideration will also be paid by C&G Environmental Protection to the vendor through issuance of new shares. The consideration is subject to adjustments. Prior to the issuance of shares, the issue price of C&G Environmental Protection Holdings Limited would be adjusted to not less than SGD 0.50 via a proposed consolidation. The consideration will be based on appraised value of target companies of at least SGD 400 million.

The transaction is subject to entering into a definitive sale and purchase agreement on or before January 29, 2018, target companies being valued at not less than the consideration as confirmed in the valuation report by the independent valuer, satisfactory completion of due diligence, C&G Environmental Protection Holdings Limited obtaining opinion from Indonesian legal counsel and Indonesian tax advisor, Securities Industry Council of Singapore granting the vendor, and parties acting in concert with the vendor, a waiver from having to make a mandatory general offer under the Singapore Code on Takeovers and Mergers following completion of the transaction, approval of the shareholders of C&G Environmental Protection Holdings Limited and vendor, regulatory approvals, including from SGX-ST, C&G Environmental Protection Holdings Limited having a cash balance of not less than SGD 0.1 million immediately prior to and as at completion of the transaction and other customary conditions, completion of proposed share consolidation by C&G Environmental Protection Holdings, in-principle approval of SGX-ST being obtained for the listing and quotation of the consideration shares, completion of the acquisition relating to PT Global Bumi Lumbung Indonesia by vendor prior to the date of SGX stage 1 submission, restructuring of loans by the target companies. As of November 10, 2019, delisting date should be read as December 18, 2019.

On January 30, 2018, C&G Environmental Protection Holdings Limited and Param Mitra Coal Resources Pte Ltd entered into a letter of extension to extend the deadline for execution of a definitive agreement to February 23, 2018. On February 23, 2018, the parties extended the deadline for execution of a definitive agreement to March 31, 2018. On March 23, 2018, the SGX-ST granted C&G Environmental Protection Holdings Limited an extension till May 31, 2018 to sign the definitive agreement. On March 28, 2018, the parties entered into a letter of extension to extend the deadline for execution of a definitive agreement to April 30, 2018. On April 30, 2018, the parties entered into a letter of extension to extend the deadline for execution of a definitive agreement to May 31, 2018. The parties agreed to pay a fee equivalent to 3.15% of the consideration by way of new shares in C&G Environmental Protection Holdings Limited to Camberland International Ltd for the introductory services provided in relation to the transaction. C&G Environmental Protection Holdings Limited and Vendor shall pay Beacon Advisory International Ltd and Elite Bloom Limited a fee equivalent to 1.58% of the consideration in new shares of C&G Environmental Protection Holdings Limited. As of August 3, 2018, C&G Environmental Protection Holdings was granted extension of time to finalize the appointment of the independent financial adviser for the transaction. As of August 3, 2018, C&G Environmental Protection Holdings was granted extension of time till August 31, 2018, to finalize the appointment of the independent financial adviser for the transaction. As of October 12, 2018, C&G Environmental Protection Holdings was granted extension of time till October 31, 2018, to finalize the appointment of the independent financial adviser for the transaction. As of February 8, 2019, C&G Environmental Protection Holdings was granted extension of time till December 31, 2018, to finalize the appointment of the independent financial adviser for the transaction and October 31, 2019 for completion of the transaction. As of November 4, 2019, C&G Environmental Protection Holdings Limited has not met the EOT conditions due to certain unforeseen delays as a result of which the completion of the acquisition will be delayed beyond 31 October, 2019. As of November 13, 2019, parties has agreed toe extend the long stop date to March 31, 2021. As on July 31, 2018, PrimePartners Corporate Finance Pte. Ltd. has been appointed as the financial advisor to C&G Environmental Protection Holdings Limited.