New Toyo International Holdings Ltd (SGX:N08) entered into a share purchase agreement to acquire Fuji Paper Manufacturing Co., Ltd from Asia Regal Enterprises Limited for $5 million on October 2, 2019. The consideration of $5 million will paid in three installment, the first installment will be from the deposit and deemed paid of the New Toyo International Holdings Ltd to Asia Regal on completion, second installment and third installment of the consideration will be adjusted for any liabilities of the Fuji Paper Manufacturing Co., Ltd which is subject to completion. The second installment will be paid in one month and third installment will be paid in two months after the completion. Upon the signing of the agreement, the New Toyo International Holdings Ltd will deposit $2 million to the Asia Regal Enterprises Limited in trust for the New Toyo International Holdings Ltd pending acquisition. The transaction will be funded through internal resources and bank borrowing. New Toyo International Holdings Ltd will borrow $3 million for the transaction. The transaction will be terminated if any of the condition is not fulfilled within 6 months from the date of agreement, the deposit money of $2 million will be returned and Asia Regal Enterprises Limited will have no claim against New Toyo International Holdings Ltd. The transaction is subject to due diligence and approval of the New Toyo International Holdings Ltd shareholders. The transaction will completed within 10 business days from the fulfillment of all the conditions.