M Development Ltd. (SGX:N14) signed a memorandum of understanding to acquire 51% stake in Hao Yuan Leather (Taishan) Co., Ltd. on August 15, 2018. The memorandum of understanding is subject to M Development Ltd. and Hao Yuan Leather (Taishan) Co., Ltd. entering into a definitive sale and purchase agreement. As on September 3, 2018, M Development Ltd. had applied to Singapore Exchange Securities Trading for an extension of time to meet the requirements for new listing. The extension is sought to meet the timelines including execution of a definitive sale and purchase agreement which is expected to take approximately 3 months and be completed by end November 2018, full due diligence on Hao Yuan Leather (Taishan) Co., Ltd., which shall be conducted concurrently with the negotiation and signing of the definitive sale and purchase agreement, expected to be completed by end November 2018 and appointment of financial advisor and auditors to take place by end November 2018. As on September 14, 2018, Singapore Exchange Securities Trading advised that it has no objection to M Development Ltd.'s application for extension of time by March 7, 2019 subject to certain conditions including M Development Ltd. announcing the signing of the definitive sale and purchase agreement no later than November 30, 2018, the appointment of a financial advisor by November 30, 2018 and other conditions. M Development Ltd. (SGX:N14) cancelled the acquisition of 51% stake in Hao Yuan Leather (Taishan) Co., Ltd. on November 28, 2018.