Shining Star International Holdings Limited entered into a sale and purchase agreement to acquire 97% stake in Myanmar Infrastructure Group Pte Ltd. from Singapore Myanmar Investco Limited (SGX:Y45) for $12.7 million on October 20, 2016. Under the terms, Shining Star will acquire 0.097 million shares, representing 97% stake in Myanmar Infrastructure. The consideration to be paid includes a non-refundable amount of 20% of the purchase price upon signing of the agreement, out of which 15% shall be deposited in an escrow account and released upon completion and 5% shall be used to fund the co-lease up programme in Myanmar Infrastructure for its existing telecommunication towers, 20% shall be paid on completion, 15% after three months of the completion, and the balance 15% shall be paid in five equal instalments after the completion. The payment to be paid after completion is contingent upon Shining Star International Holdings Limited being able to complete the purchase of 100% of the shares of Myanmar Infrastructure. The purchase price is subject to adjustment on the completion date. Singapore Myanmar Investco Limited intends to use the proceeds of the sale as 30% to repay existing loans and borrowings and 70% for working capital purposes and business expansion. As at March 31, 2016, Myanmar Infrastructure reported net assets value of $10.98 million. The transaction is subject to the approval of the shareholders of Shining Star International Holdings Limited and Singapore Myanmar Investco Limited, third party approvals including but not limited to waivers of pre-emption rights by Golden Infrastructure Group Limited and Singapore Myanmar Investco Limited terminating the service agreement between the company and Myanmar Infrastructure Group. Completion shall take place on the second business day after the conditions are fulfilled. As of December 8, 2016, the transaction was recommended by the Board of Singapore Myanmar Investco Limited. As of December 23, 2016, the transaction was approved by the shareholders of Singapore Myanmar Investco Limited. The conditions are expected to be fulfilled by June 30, 2017. The completion date may be extended to December 31, 2017, after which any further extensions will be subject to mutual agreement. Tricor Barbinder Share Registration Services acted as share registrar for Singapore Myanmar Investco.