KSE Marine Works Pte. Ltd. entered into a sale and purchase agreement to remaining 51% stake in Mencast-KSE Pte. Ltd. from Mencast Holdings Ltd. (SGX:5NF) for SGD 0.6 million on October 2, 2020. Under the terms of the transaction, KSE Marine paid the consideration on the date of agreement signed. The transaction is subject to KSE Marine and Mencast Holdings entering into an agreement by October 15, 2020 for the Mencast Holdings to exclusively repair and maintain the KSE Marine’s dredgers. KSE Marine, Mencast Holdings and Mencast-KSE entering into an agreement where Mencast-KSE shall agree to novate all debts owed by Mencast-KSE and KSE Marine shall agree to undertake and repay such inter-company debts, approval from shareholders and board of the Mencast Holdings. Mencast Holdings intends to utilize the consideration for general working capital requirement of the Group.