Labelle Capital Inc. signed an agreement to acquire 39.2% stake in Velocity Holdings Pty. Ltd. from Red Hill Pte. Ltd. and Fusion 462 Pte. Ltd for SGD 3.1 million on June 30, 2016. Labelle Capital Inc. will acquire 2.8 million shares. As of June 30, 2016, Red Hill and Fusion 462 has received a deposit of SGD 0.6 million which will be treated as part payment of the consideration upon completion. In the event that completion of the agreement does not occur for any reason on or before June 30, 2017, RHS & F4S shall repay Labelle Capital Inc., the deposit without interest. In a related transaction, Crescenta Investment Ltd entered into an agreement to acquire Oxford Views Pty Ltd from Oxford Views Pte. Ltd for SGD 10.6 million. Velocity Holdings achieved unaudited revenue of SGD 13.6 million and net loss of SGD 1.2 million for the period July 1, 2015 to March 31, 2016. In the unaudited balance sheet as at March 2016, the net total assets totaled SGD 5.7 million. The deal is subject to approval of 8I Holdings' shareholder, approval of the Foreign Investment Review Board of Australia and the vendors obtaining acknowledgements from the directors of Velocity Holdings for the share transfer will not be declined. 8I Holdings' shareholder meeting will held on August 6, 2016. The deal was approved by 8I Holdings shareholders on August 8, 2016. Labelle Capital Inc. completed the acquisition of 39.2% stake in Velocity Holdings Pty. Ltd. from Red Hill Pte. Ltd. and Fusion 462 Pte. Ltd on September 28, 2016. The net proceeds of the sale will be used to seek other investment opportunities in 8I Holdings listed and unlisted security investment portfolio.