Sinbor Company (Private) Ltd announced that it has entered into a subscription agreement with new investor Serrano Limited for subscription of 40,246 common shares for gross proceeds of SGD 1,200,000 on September 5, 2018. Pursuant to the transaction, the investor will acquire 51% of the enlarged share capital in the company. The transaction will be completed in two tranches of 40,245 shares and 1 share respectively. The transaction is subject to approval from the shareholders and board of directors of Serrano Limited. On the same date, the company received SGD 260,000 as the earnest deposit. Proceeds of SGD 540,000 will be paid on the date of completion and remaining proceeds of SGD 400,000 will be paid on satisfactory fulfillment of the post-completion conditions.