Tan Chong International Limited (SEHK:693) agreed to acquire additional 14% of stake in ORIX Car Rentals Pte. Ltd. from ORIX Corporation (TSE:8591) and ORIX Leasing Singapore Limited for SGD 42.7 million on June 29, 2022. The transaction will be funded from its internal resources.

ORIX Car has a net assets of SGD 285 million and net income of SGD 20 million as of December 31, 2021. Completion of the transaction is conditional upon the Company having received the approval of the Shareholders on the Definitive Agreement and the transaction. As of 21 July, 2022, Tan Chong International Limited has applied to the Stock Exchange for a waiver from strict compliance.

On 11 August 2022, the Stock Exchange granted the Waiver to the Company on the condition that the Company will dispatch the Circular on or before 25 November 2022 and will disclose the details and reasons of the Waiver by way of an announcement. Completion of the transaction is expected to take place on July 1, 2022.