Kaiyi Investment Pte Ltd agreed to acquire remaining 30.18% stake in Manhattan Property Development Pte. Ltd. from Metis Energy Limited (SGX:L02) for $45.7 million on September 2, 2022. Kaiyi is required under the SPA to pay a deposit of $5 million in cash to the Company within two months from the date of the SPA. The deal to be executed no later than 31 October 2022. The proposed material dilution of the Company's shareholding interest in Manhattan Property Development Pte. Ltd. (“MPDPL”) from 51% to as low as 30%. The Proposed Disposal is in line with the Company's intention to diversify into the renewable energy business. The transaction is subject to approval of target shareholders. On December 13, 2022 the target shareholders approved the transaction. The Company has appointed W Capital Markets Pte. Ltd. as its independent financial adviser. As of October 31, 2022, the Long Stop Date has been extended from 31 October 2022 to January 19, 2023.

Kaiyi Investment Pte Ltd completed the acquisition of remaining 30.18% stake in Manhattan Property Development Pte. Ltd. from Metis Energy Limited (SGX:L02) on January 16, 2023. Metis Energy has received the consideration of $45.7 million.