Wong Chin Yong entered into a conditional sale and purchase agreement to acquire various majority stakes in Heritage Investment Corporation, Wang Da Investment Limited, Artel Trade LLC and Dezhou Shenrong Gas Co. Ltd. from Innopac Holdings Limited (SGX:I26) on October 6, 2018. The deal also involves the acquisition of Malaysian Microalgae Enterprise Sdn Bhd, which is a dormant company. Wong Chin Yong will acquire 100% stake in Heritage Investment Corporation, 100% stake in Wang Da Investment Limited, 100% stake in Malaysian Microalgae Enterprise Sdn Bhd, 50% stake in Artel Trade LLC and 73.62% stake in Dezhou Shenrong Gas Co. Ltd. The aggregate cash price for the deal including sale of Malaysian Microalgae Enterprise Sdn Bhd is SGD 0.1 million to be paid on the closing date. On April 4, 2019, Wong Chin Yong entered into a supplemental agreement with Innopac to amend the terms. As per the revised terms, 73.62% stake in Dezhou Shenrong Gas Co. Ltd. has been excluded from the acquisition and the revised acquisition price is SGD 613. In a related deal, Innopac also signed subscription agreements on October 6, 2018. As on June 30, 2018, Heritage Investment Corporation, Wang Da Investment Limited, Artel Trade LLC, Dezhou Shenrong Gas Co. Ltd. and Malaysian Microalgae Enterprise Sdn Bhd collectively reported net liabilities of SGD 8.3 million. As on October 12, 2018, Heritage Investment Corporation, Wang Da Investment Limited, Artel Trade LLC, and Malaysian Microalgae Enterprise Sdn Bhd collectively reported negative net book value of SGD 10.6 million. Pursuant to the terms of the agreement, with effect from the closing date Wong Chin Yong shall resign from his office as a Director of Innopac and its subsidiaries. The deal is subject to approval of shareholders of Innopac and consummation of the private placement of Innopac. The closing date will be the date falling 5 business days after all the conditions of the agreement have been satisfied. On April 4, 2019, long-stop date for completion was extended to June 30, 2019. Innopac intends to use the net proceeds from the deal for general corporate purposes and working capital. The Board of Directors of Innopac is of the view that deal will allow Innopac and its subsidiaries to further priorities the financial resources as well as streamlining their business focus of investment holdings in real estate for their overall betterment. The independent valuer submitted Valuation Report to Innopac’s Independent Directors and Audit Committee on February 18, 2019. On November 29, 2018, 3 Peaks Capital Private Limited was appointed as financial advisor to advise the directors of Innopac who are considered independent of the transaction and the Audit Committee of the Innopac. On December 10, 2018, Brett Shadbolt and Adie Gupta of Censere Singapore Private Limited were appointed as the independent valuers to conduct the valuation of the transaction as directed by the SGX-ST. Wong Chin Yong cancelled the acquisition of various majority stakes in Heritage Investment Corporation, Wang Da Investment Limited, Artel Trade LLC and Dezhou Shenrong Gas Co. Ltd. from Innopac Holdings Limited (SGX:I26) on October 6, 2019.