Shanaya Environmental Services Pte. Ltd. signed a conditional agreement to acquire CPH Ltd. (Catalist:539) for SGD 18.8 million in a reverse merger transaction on September 29, 2020. As part of the transaction, 3.17 billion shares (subject to proposed share consolidation) of CPH Ltd. shall be transferred to shareholders of Shanaya (out of the total 4.4 billion shares outstanding), thus resulting in change in control. Proposed acquisition is conditional upon the following conditions and delivery and execution of the following items the results of a legal, financial and technical due diligence investigation, the proposed acquisition upon the terms of the SPA being approved by the SGX-ST as (part of) a reverse takeover by the Company pursuant to Part VIII, Chapter 10 of the Catalist Rules, as relevant, the approval of the Board and Shareholders of CPH Ltd. having been obtained. On November 17, 2020, the board received a whitewash waiver from Securities Industry Council. The waived gives the obligation for the vendors to make a general offer for the company under Rule 14 of the Code in the event the Vendors and their concert parties acquire more than 30% of the total voting rights of the company based on its enlarged issued capital as a result of the issue of the consideration shares to the vendors, subject to majority holders of voting rights of the Company approve at a general meeting, before the issue of the consideration shares, the Whitewash Resolution by way of a poll to waive their rights to receive a general offer from the Vendor, the Company appoints an independent financial adviser to advise its independent Shareholders on the Whitewash Resolution, circular will be issued in due course. On June 23, 2021, parties entered supplemental deed under which long stop date was extended from June 28, 2021 to September 29, 2021.

PrimePartners Corporate Finance Pte. Ltd. acted as financial advisor to CPH Ltd. As part of the professional fees in respect of the financial advisory services rendered by PrimePartners Corporate Finance Pte. Ltd, CPH Ltd. in connection to the proposed acquisition, payable upon completion, shall be satisfied by the issuance and allotment by the CPH Ltd of new Shares of an aggregate value of SGD 400,000 to PrimePartners Corporate Finance Pte. Ltd, credited as fully paid-up at the issue price.