Yantai Chengtong Building Decoration Engineering Co., Ltd. and Yantai Licun Construction Materials Ltd entered into an equity transfer agreement to acquire remaining 40% stake in Ley Choon (Yantai) Eco-Green Construction Material Ltd. from Ley Choon Group Holdings Limited (Catalist:Q0X) for CNY 16 million on August 5, 2021. Under the terms, consideration will be paid in three installment, first installment of CNY 4 million to be paid by September 30, 2021, second installment of CNY 7 million to be paid by February 15, 2021 and third installment of CNY 5 million. Transaction is subject to approval from board of directors of Ley Choon (Yantai), Yantai Chengtong Building, Yantai Licun Construction and Ley Choon Group Holdings, approval from Market Supervision and Administration Bureau of Yan Tai Economic & Technological Development Area, approval from third party and regulatory bodies if needed. The Company intends to use 100% of the net cash proceeds from the Proposed Disposal (after deducting the estimated transaction cost of approximately S$0.1 million) for repayment of bank borrowings.