Murugesan Chidambaram agreed to acquire additional 80% of stake in Hiap Seng Engineering Limited FZC from Hiap Seng Engineering Ltd (SGX:510) for AED 2.7 million on June 2, 2021. Murugesan Chidambaram currently a 20% shareholder of HS FZC. HS FZC will cease to be a subsidiary of the Company with effect from the completion of the Proposed Disposal. The Group’s 80% interest on the unaudited net asset value of HS FZC’s as at 31 March 2021 was AED 2,193,306. The transaction is subject to Hiap Seng Engineering shareholders’ approval and regulatory approvals including but not limited to SGX. As on June 28, 2021, SGX-ST has no objection to the Hiap Seng Engineering Ltd. view that the Proposed Disposal relates to a disclosable transaction and that shareholders' approval is not required for the Proposed Disposal. The Proposed Disposal is expected to be completed by September 14, 2021, subject to the fulfilment of certain conditions. The proceeds from the Proposed Disposal will be used to pay the professional fees incurred for this transaction and the working capital requirement of Hiap Seng Engineering Limited.