DeClout Limited made the offer to acquire remaining 69.2% stake in Procurri Corporation Limited (SGX:BVQ) from Tan Wei Meng, Tan Wei Meng, Tan Joon Ngee, Jacky, Zachary George Sexton and other shareholders for SGD 87 million on May 20, 2022. As per the transaction, DeClout Limited will acquire shares at SGD 0.425 per share. Post completion, DeClout Limited intends to maintain the listing status of Procurri Corporation Limited on stock exchange. DeClout Limited have sufficient financial resources to meet the offer obligation. DeClout Limited will make compulsory acquisition if level of acceptance reach to 90% stake of Procurri Corporation Limited. The offer is conditional for minimum acceptance of 50% stake of Procurri Corporation Limited. As of May 26, 2022, DeClout Limited have achieved minimum threshold of 50% stake in Procurri Corporation Limited. Accordingly, offer has become unconditional. Tan Wei Meng, Tan Wei Meng, Tan Joon Ngee, Jacky and Zachary George Sexton hold in aggregate 6,881,800 shares, representing approximately 2.33% shares, have provided irrevocable undertakings in favor of the offeror to accept the offer in respect of all the shares held by them. As of June 10, 2022, the offeror has received valid acceptances amounting to 124,439,884 shares, representing approximately 42.10% of the total number of issued shares. The offer will close on July 1, 2022. United Overseas Bank Limited (SGX:U11) acted as financial advisor to DeClout Limited. Evolve Capital Asia acted as financial advisor to Procurri. Tricor Barbinder Share Registration Services acted as registrar of DeClout.

DeClout Limited completed the acquisition of an additional 46.9% stake in Procurri Corporation Limited (SGX:BVQ) from Tan Wei Meng, Tan Wei Meng, Tan Joon Ngee, Jacky, Zachary George Sexton and other shareholders for SGD 58.9 million on July 1, 2022. During the offer period, DeClout Limited acquired 138.78 million shares.