Time Marine Engineering Pte Ltd and Chen Rongxiang Jeremiah Charles signed an agreement to acquire Mencast Subsea Pte. Ltd from Mencast Holdings Ltd. (SGX:5NF) for SGD 2.1 million on June 10, 2022. The Time Marine Engineering Pte Ltd acquire 97% and Chen Rongxiang Jeremiah Charles acquire 3% stake in Mencast Subsea Pte. Ltd. The net asset value for the Sale Companies as at December 31, 2021 was SGD 4.509 million, and the net asset value of the Group as at December 31, 2021 was SGD 29.885 million.

Time Marine Engineering Pte Ltd and Chen Rongxiang Jeremiah Charles completed the acquisition of Mencast Subsea Pte. Ltd from Mencast Holdings Ltd. (SGX:5NF) on June 30, 2022.