The investment funds and entities affiliated with and advised by Platinum Equity, LLC entered into an implementation agreement to acquire PCI Limited (SGX:P19) from Chuan Hup Holdings Limited (SGX:C33), Ho Soo Ching, his wife and other shareholders for approximately SGD 260 million on January 4, 2019. The acquisition would be effected by way of a scheme of arrangement. Each entitled shareholder of PCI Limited will be entitled to receive SGD 1.33 in cash. It has been confirmed that the investment funds and entities affiliated with and advised by Platinum Equity, LLC have sufficient financial resources to satisfy in full the aggregate scheme consideration payable for the offer. Upon the scheme becoming effective and binding, PCI Limited will become fully owned by investment funds and entities affiliated with and advised by Platinum Equity, LLC and will be delisted from the main board of Singapore Exchange Securities Trading Limited. In the event of termination of the implementation agreement by either the investment funds or entities affiliated with and advised by Platinum Equity, LLC or PCI Limited, save for certain surviving provisions, neither party shall have any liability or obligation to the other party. Teo Eng Lin, Chief Executive Officer of PCI Limited, Thomas Muljadi Handojo, senior vice President of business development of PCI Limited and Tan Quee Lim, senior vice President of manufacturing of PCI Limited have on January 4, 2019 entered into an employment undertaking agreement with PCI Limited and the investment funds and entities affiliated with and advised by Platinum Equity, LLC, under which, conditional upon effectiveness of the scheme, they have agreed to remain in the employment for a period of no less than two years from the effective date of the deal. The investment funds and entities affiliated with and advised by Platinum Equity, LLC presently has no intention to discontinue the employment of the employees of PCI Limited and also has no intention to introduce any major changes to the business of PCI Limited. Subject to prior consultation with the Securities Industry Council of Singapore, pursuant to the terms of the implementation agreement, in the event of a competing offer or an intention to make a competing offer is announced (whether or not such competing offer is pre-conditional), investment funds and entities affiliated with and advised by Platinum Equity, LLC shall have the right to elect to proceed with the acquisition by way of a voluntary conditional cash offer for the shares of PCI Limited in lieu of proceeding by way of the scheme (the “switch option”). The scheme is subject to approval by Chuan Hup Holdings Limited’s shareholders, court approval, regulatory approval, antitrust approvals, internal restructuring exercise of PCI Limited and its subsidiaries and other conditions. Chuan Hup Holdings Limited holding 76.7% stake has granted an irrevocable undertaking, pursuant to which it has undertaken to inter alia, vote in favor of the scheme. If the investment funds and entities affiliated with and advised by Platinum Equity, LLC exercise the switch option, the offer will be made on the same or better terms as those which apply to the scheme, including the same or a higher consideration than the scheme consideration, and conditional upon a level of acceptances set at only more than 50% of the shares of PCI Limited to which the offer relates and not conditional on a higher level of acceptances. On February 22, 2019, Approval-In-Principle from the SGX-ST was received for delisting. On April 2, 2019, shareholders of PCI approved the transaction. On April 12, 2019, shareholders of Chuan Hup Holdings Limited approved the transaction. On April 15, 2019, the scheme has been sanctioned by the High Court of the Republic of Singapore. The scheme shall become effective and binding upon the lodgement of a copy of the Court Order with the Accounting and Corporate Regulatory Authority of Singapore. The scheme will only come into effect if all conditions have been satisfied or waived in accordance with the implementation agreement, on June 30, 2019, or such other date as has been mutually agreed (the "longstop date"). The last day of trading of PCI will be April 24, 2019 and will be suspended on April 25, 2019. As of April 2, 2019, the transaction is expected to complete on April 29, 2019. Chuan Hup Holdings Limited intends to use the net sale proceeds from the proposed disposal for its general working capital, enhance its financial flexibility and facilitate any plans for it to enhance shareholder value. The net sale proceeds could also be redeployed and reinvested in the property sector and potentially other business sector as per any right opportunity. DBS Bank Ltd. acted as financial advisor to the investment funds and entities affiliated with and advised by Platinum Equity, LLC. Duane Morris & Selvam LLP and Simon Cooke and Howard Lam of Latham & Watkins LLP acted as legal advisors to the investment funds and entities affiliated with and advised by Platinum Equity, LLC. As of January 11, 2019, Provenance Capital Pte. Ltd. has been appointed as independent financial advisor to the independent Directors of PCI Limited.