Tuan Sing Holdings Limited (SGX:T24) entered into an implementation agreement to acquire remaining 19.81% shares in SP Corporation Limited (SGX:AWE) from current shareholders for SGD 11 million on August 20, 2022. Tuan Sing Holdings Limited will acquire remaining shares for SGD 1.59 per share. The aggregate consideration for the acquisition will be funded from internal cash resources of the TSH Group.

The transaction is subject to regulatory approvals, de-listing of company stock, court approval and approval of offer by SP Corporation Limited shareholders. As of November 25, 2022, the transaction is approved by SP Corporation Limited's shareholders. The transaction is expected to close on December 12, 2022.

Ernst & Young Corporate Finance Pte Ltd. acted as independent financial advisor to SP Corporation Limited while United Overseas Bank Limited (SGX:U11) acted as financial advisor to Tuan Sing Holdings Limited. B.A.C.S. Private Limited acted as registrar, Drew & Napier, LLC acted as legal advisor to Tuan Sing Holdings Limited and Dentons Rodyk & Davidson LLP acted as legal advisor to SP Corporation Limited.