Cacola Furniture International Limited (SGX:D2U) entered into a memorandum of understanding to acquire SPV Group from BH Investments Ltd on April 18, 2016. As per the terms of the deal, Cacola Furniture shall issue shares at a price of 10% discount to the weighted volume average price as consideration. The estimated purchase consideration payable for the proposed acquisition is between SGD 108 million to SGD 180 million.

The deal is subject to signing of definitive agreement, satisfactory financial, business and legal due diligence, Cacola Furniture's shareholders' approval, approval of the SGX-ST and completion of the restructuring exercise of the SPV Group, approval from the SGX-ST for the listing and quotation of the consideration shares, Cacola Furniture to raise up to SGD 15 million upon approval of the acquisition for business expansion and/or working capital. The Board of Directors of Cacola Furniture and BH Investments approved the deal. As on June 17, 2016, the parties have agreed to extend the time to negotiate and sign a definitive agreement for the proposed acquisition to July 31, 2016.

As on August 1, 2016, Cacola Furniture International Limited and the vendor have agreed to extend the time to negotiate and sign a definitive agreement for the proposed acquisition to August 31, 2016.