Singapore Medical Group Limited (Catalist:5OT) entered into a binding term sheet to acquire 85% stake in Pheniks Pte. Ltd. from Kenneth Lee Cheng San and Low Chai Ling for SGD 6.4 million on March 1, 2018. Pursuant to the term sheet, Singapore Medical Group Limited shall issue 6.1 million shares as consideration, pay SGD 1 million in cash upon completion (completion tranche payment), SGD 1 million on first anniversary of completion (first tranche payment) and SGD 1 million on third anniversary of completion (final tranche payment). The cash consideration shall be funded by a combination of internal resources, bank facilities and fund raising in the capital markets. The consideration shares shall be subject to a moratorium for a period of one year commencing from the date of issue of the consideration shares. The transaction is subject to certain conditions including satisfactory due diligence, receipt of all consents and approvals required under any and all applicable laws or from any court, governmental agency, regulatory authority or third party which may be necessary for the transaction. The conditions also include Kenneth Lee Cheng San and Low Chai Ling entering into consultancy agreement with Pheniks Pte. Ltd. to provide their full time service for a minimum of 5 years and registration of trade name in the name of Singapore Medical Group Limited. Singapore Medical Group Limited (Catalist:5OT) completed the acquisition of 85% stake in Pheniks Pte. Ltd. from Kenneth Lee Cheng San and Low Chai Ling on April 23, 2018. As on April 23, 2018, the consideration shares have been issued. After the transaction, Pheniks Pte. Ltd. operates as a subsidiary of Singapore Medical Group Limited.