Masdjan entered into a conditional sale and purchase agreement to acquire Trans LK Marine Pte. Ltd. from Seroja Investments Limited (SGX:IW5) for $32.2 million on August 15, 2019. The consideration is payable in cash on completion of the transaction. As of July 3, 2020, the parties entered into a supplemental deed to acquire Trans LK Marine Ltd. for $30 million. Masdjan is the Executive Director and Chief Operating Officer of Seroja Investments. Upon completion of the transaction, Seroja Investments will cease to have any operating business and will be deemed as a cash company. For the year ended December 31, 2018, Trans LK Marine had net assets of $27.63 million and net profit after tax of $0.77 million. Transaction is subject to approval of shareholders and the Board of Seroja Investments, approval from the SGX-ST (if required), all relevant licences, authorisations, orders, grants, confirmations, permissions, registrations and other approvals as may be required by Seroja Investments, and Masdjan having procured the execution of a deed of assignment by PT. Pulau Seroja Jaya in favour of Seroja Investments. The extra ordinary general meeting for shareholder approval will take place on October 9, 2020. The Board of Seroja Investments Limited unanimously recommended the shareholders to approve the transaction at the extra ordinary general meeting. The transaction was approved by the shareholder of Seroja at the extra ordinary general meeting held on October 9, 2020. Transaction is expected to close on a business day within seven business days from the date that the last condition precedent is fulfilled or at such other date as may be agreed in writing between Seroja Investments and Masdjan. Masdjan and Seroja Investments Limited have entered into a supplemental letter to the agreement on February 14, 2020 to, inter alia, extend the Long-stop Date for a further three months from February 14, 2020 to May 13, 2020. As on May 13, 2020, Masdjan and Seroja Investments Limited entered into a second supplemental letter to extend the Long-stop Date from May 13, 2020 to May 27, 2020, for the purpose of re-negotiating some of the main terms of the agreement. As on May 27, 2020, Masdjan and Seroja Investments Limited entered into a third supplemental letter to extend the Long-stop Date from May 27, 2020 to July 5, 2020, for the purpose of re-negotiating some of the main terms of the agreement. As of July 3, 2020, long stop date was extended to October 31, 2020. The net proceeds may be used by Seroja Investments to acquire new assets or businesses to satisfy the listing requirements of the SGX-ST. Cushman & Wakefield VHS Pte. Ltd was appointed as valuer. Foo Say Nam and Sheila Ong of W Capital Markets Pte. Ltd. acted as financial advisor to Seroja Investments Limited in the transaction. Messrs Lee & Lee acted as a legal advisor to Seroja. Masdjan completed the acquisition of Trans LK Marine Ltd. from Seroja Investments Limited (SGX:IW5) on October 21, 2020.