Heatec Jietong Holdings Ltd. (Catalist:5OR) entered into a binding term sheet to acquire Setya Energy Pte. Ltd from Megane Marine Pte. Ltd. for SGD 2.7 million on May 17, 2022. The consideration for the Proposed Acquisition is expected to be between SGD 5 million to SGD 7 million, which will be fully satisfied by the issuance and allotment of new ordinary shares in Heatec Jietong to Megane Marine. The Consideration Shares shall be issued at a price to be agreed by Heatec Jietong and Megane Marine, subject to the requirements under the Catalist Rules. The completion date shall be the date falling within 14 calendar days after the fulfilment of all of the conditions precedent in respect of the Proposed Acquisition, unless they are waived by Heatec Jietong and Megane Marine in accordance with the terms of the Definitive Documents, or such other date as Heatec Jietong and Megane Marine may agree in writing. The Heatec Jietong and Megane Marine will in good faith proceed expeditiously to do all acts and things necessary or desirable to negotiate and agree on the terms of the Definitive Documents by December 31, 2022 or such other date as may be agreed to in writing by Heatec Jietong and Megane Marine. The term Sheet will terminate on June 30, 2023 or such other date as may be mutually agreed in writing by Heatec Jietong and Megane Marine or upon the signing of the Definitive Share Purchase Agreement, whichever is earlier. As on October 4, 2022, The Share Purchase Agreement has signed between Heatec Jietong and Megane Marine to acquire 60% stake in Setya Energy Pte. Ltd for SGD 2.7 million. The Consideration for the Proposed Acquisition shall be funded entirely by the allotment and issuance of the Consideration Shares. Completion of the Proposed Acquisition is conditional upon, among others, the following conditions having been fulfilled (a) the Company having received the relevant approvals from Shareholders at an extraordinary general meeting (“EGM”), the approval of a whitewash resolution from independent Shareholders for the waiver of their rights to receive a mandatory general offer from the Vendor and. All third party approvals, consents and notices as may be required for or in connection with the Proposed Acquisition and the transactions contemplated in the SPA have been obtained from all relevant parties and governmental bodies. Consent from the principal bank for the change of shareholding in the Setya. The Parties have agreed that the long stop date for the Completion of the Proposed Acquisition shall be 12 months from the date of the SPA or such other date as the Parties may mutually agree in writing. W Capital Markets Pte Ltd. acted as Financial advisor to Heatec Jietong Holdings Ltd. (Catalist:5OR).

Heatec Jietong Holdings Ltd. (Catalist:5OR) completed the acquisition of 60% stake in Setya Energy Pte. Ltd from Megane Marine Pte. Ltd. on February 6, 2023.