Comet Enterprise Corp. entered into a sale and purchase agreement to acquire 60% stake in Ascend Bearings Co., Ltd. from Raffles United Holdings Ltd. (SGX:K22) for SGD 1 million on November 30, 2016. The consideration for the disposal will be settled in four installments by May 2017. For the year ended December 31, 2015, Ascend Bearings Co., Ltd. reported revenues of SGD 5.7 million and net loss of SGD 0.05 million. The disposal is expected to result in a material loss on disposal of subsidiary, which would contribute to the expected net loss for Raffles United Holdings Ltd. for the financial year ending December 31, 2016. The disposal is not expected to have any material financial impact on the consolidated net tangible assets per share but would have a material financial impact on the consolidated loss per share of Raffles United Holdings Ltd. for the current financial year.