PT Talenta Bumi entered into a non-binding term sheet to acquire P99 Holdings Limited (Catalist:5UV) from Cheong Choong Kong, Tan Chong Huat, Tan Kim Seng and Lim Tze Jong in a reverse merger transaction on May 26, 2015. On August 31, 2015, PT Talenta Bumi entered into an agreement to acquire P99 Holdings Limited in a reverse merger transaction. The consideration is to be satisfied by the issuance of 970.52 million new shares in P99 holdings. Under the transaction, depending on the appraised value of P99 from the independent valuer, the consideration shares to be issued and allotted to David Pang will comprise at least 85% of the enlarged issued share capital of P99 after completion of the proposed acquisition. The transaction is subject to, inter alia, the approval of the SGX-ST, including the listing and quotation of the consideration shares, the approval of the shareholders and Board of P99 Holdings Limited, P99 Holdings Limited completing the shares consolidation, completion of restructuring of PT Talenta Bum, execution of sale and purchase agreement, satisfactory due diligence, all necessary approvals and consents from all relevant governmental, regulatory and other authorities and third parties such as existing lenders holding pledges over the shares of the P99, the approval of the Securities Industry Council and change of name of P99 Holdings. The transaction is subject to the condition that P99 Holdings shall have a net cash position of not less than SGD 10.4 million at completion. If any of the conditions precedent above are not satisfied or waived on or before the earlier of November 30, 2015 or the expiry of 12 months from the date of the agreement to be entered into, the agreement shall lapse. As on July 24, 2015, the exclusivity period has been extended from July 25, 2015 to August 25, 2015. On August 25, 2015 second letter of extension in order to extend the exclusivity period from August 25, 2015 to August 31, 2015. As of October 9, 2015, P99 Holdings Limited entered into a supplemental agreement as per which the consideration payable shall be reduced and P99 Holdings will issue 956.06 million shares of its common stock. The transaction is expected to complete on November 30, 2015 or such other date as mutually agreed in writing by the parties but shall in any case not be later than May 31, 2016. The transaction is expected to result in decrease in earnings per share of P99 Holdings Limited. As of November 30, 2015, Singapore Stock Exchange granted a 6-month extension till May 30, 2016 to P99 Holdings, in its capacity as a cash company, to meet the requirements for a new listing. As of December 4, 2015, the Board of P99 Holdings Limited approved, executed and submitted its undertaking to the Singapore Exchange Securities Trading Limited, that the transaction will be completed by May 30, 2016. Tan Kim Seng acted as the arranger and will receive a fee of cash payment equivalent to 0.5% of the appraised value amounting to SGD 1.14 million and the allotment and issuance of such number of new consolidated shares in the capital of P99 Holdings that is equivalent to 4.5% of the appraised value amounting to 43.67 million shares. PricewaterhouseCoopers LLP acted as the valuation firm for P99 Holdings Limited. PrimePartners Corporate Finance Pte. Ltd. acted as the financial advisor, Ch’ng Li-Ling of RHTLaw Taylor Wessing LLP, Makes & Partners Law Firm and Hanafiah Ponggawa & Partners acted as the legal advisors and Moore Stephens LLP acted as the accountant to P99 Holdings Limited. HEP Partner Claudia Teo of Harry Elias Partnership LLP acted as the legal advisor to the shareholders of PT Talenta Bumi. PT Talenta Bumi cancelled the acquisition of P99 Holdings Limited (Catalist:5UV) from Cheong Choong Kong, Tan Chong Huat, Tan Kim Seng and Lim Tze Jong in a reverse merger transaction on May 24, 2016. The sellers had encountered difficulties during the course of fulfilling the conditions precedent till the expected closing date.