Cao Xiangbin and Chen Fen completed the acquisition of additional 47.6% stake in China Gaoxian Fibre Fabric Holdings Ltd..

Cao Xiangbin and Chen Fen made an offer to acquire additional 55.57% stake in China Gaoxian Fibre Fabric Holdings Ltd. (SGX:AZZ) for SGD 1.9 million on November 7, 2019. The consideration for the exit offer payable by the Cao Xiangbin and Chen Fen for the offer shares will be SGD 0.03 per share. Fleur Growth Fund Limited, which holds a direct interest in 29.9 million shares, representing approximately 26.37% of the total number of issued shares, is a concert party of the offeror pursuant to an agreement to privatize the China Gaoxian Fibre Fabric. Fleur Growth executed an irrevocable undertaking in favour of the offeror not to accept the exit offer, but confirmed that the offeror has sufficient financial resources to satisfy full acceptance of the exit offer by shareholders of the offer shares at the offer price. In the event that the Offeror receives valid acceptances pursuant to the Exit Offer in respect of not less than 90% of the total number of issued Shares (other than those already held by the Offeror, its related corporations or its nominees as at the date of the Exit Offer and excluding any Shares held by the Company as treasury shares), the Offeror would be entitled to exercise the right to compulsorily acquire all the Shares of the Shareholders who have not accepted the Exit Offer ("Dissenting Shareholders") at a price equal to the Exit Offer Price. Exit Offer will be conditional upon a minimum number of acceptances being received by the offeror. As of November 28, 2019, the offer is expected to be completed by December 26, 2019. As of December 5, 2019, the offer became unconditional. CEL Impetus Corporate Finance Pte. Ltd. acted as financial advisor to China Gaoxian Fibre Fabric Holdings Ltd. Cao Xiangbin and Chen Fen completed the acquisition of additional 47.6% stake in China Gaoxian Fibre Fabric Holdings Ltd. (SGX:AZZ) on December 26, 2019.