One15 Luxury Yachting Pte Ltd. and Sutl Marina Development Pte. Ltd entered into a conditional sale and purchase agreement to acquire Achieva Limited in a reverse merger transaction.
The transaction is subject to consummation of satisfactory due diligence of One15 Luxury Yachting Pte Ltd. and Sutl Marina Development Pte Ltd, approval by government bodies, regulatory authorities and Singapore Stock Exchange in respect of the acquisition, waiver of first right of refusal and approval by the independent shareholders of Achieva in an extra-ordinary general meeting to be held and listing of new shares of Stock Exchange. As of September 3, 2014, Securities Industry Council granted the whitewash waiver subject to the conditions precedent of approval by the independent shareholders of Achieva before the issue of consideration shares and various others listing compliances. As on April 27, 2015, the SGX- ST has granted its in-principle approval for the listing and quotation of the consideration shares. CIMB Bank Berhad acted as financial advisor for Achieva Limited. As of May 10, 2015 SAC Capital Private Limited has been appointed as the independent financial adviser to advise the directors who are deemed independent for the purposes of making recommendations to Shareholders in relation to the acquisition. The Board of Directors of Achieva Limited recommended to vote for the transaction. The shareholders of Achieva Limited approved the transaction on june 5, 2015. The name of Achieva Limited will be changed to SUTL Enterprise Limited.