Grand Venture Technology Limited (Catalist:JLB) entered into a conditional sale and purchase agreement to acquire J-Dragon Tech (Suzhou) Co., Ltd from Lee Boon Kwong, Eng Pau Yuen, Lee Boon Leng for SGD 12.26 million on December 17, 2021. The consideration will be paid in a combination of equity and cash. SGD 8 million will be satisfied by issuance of 6.885274 million shares, and SGD 4.203036 will be satisfied with cash.

The cash consideration is funded through group internal resources. The transaction is subject to regulatory, Grand Ventures board and shareholders approvals, consummation of due diligence investigation and other closing conditions. The deal will be expected to be closed no latter than January 31, 2022.

As of February 24, 2022 Grand Venture Technology Limited received the approval in-principle from the SGX-ST for the listing and quotation of 7,745,932 new ordinary shares.