British and Malayan Holdings Limited (SGX:CJN) entered into a non binding letter of intent to acquire a 40% stake in PreceptsGroup International Pte. Ltd. from Lee Chiwi and another minority shareholder on August 8, 2022. Pursuant to the LOI, it is intended that British and Malayan Holdings Limited will be granted an option to acquire an additional 30% of the issued share capital of PreceptsGroup International at a later stage.

The Proposed Acquisition is subject to, amongst other things, the outcome of the due diligence conducted by BMH and its advisers, the requisite regulatory approvals being obtained, including approval from the Monetary Authority of Singapore, and the entering into of definitive agreements to implement the Proposed Acquisition. British and Malayan Holdings Limited has appointed its professional advisers in relation to the Proposed Acquisition to undertake due diligence on PreceptsGroup International and its subsidiaries. As of December 29, 2022, British and Malayan Holdings entered into a sale and purchase agreement to acquire 35% stake in PreceptsGroup International for SGD 2.1 million.

The cash consideration of SGD 1.75 million and additional consideration of SGD 0.35 million based on certain financial target. The completion shall take place on January 31, 2023, or such other date as may be mutually agreed in writing between British and Malayan Holdings and Lee Chiwi and another minority shareholder. As of January 30, 2023, The completion of deal has extended from January 31, 2023 to February 28, 2023.

As of February 28, 2023, The completion of deal has extended from February 28, 2023 to April 23, 2023.