Sim Wai Han Philip acquired 60% stake in Cornerstone Offshore Pte. Ltd. from Federal International (2000) Ltd (SGX:BDU) for SGD 0.22 million during December 2020. Under the terms, the consideration also includes settlement of intercompany loan and advances also. The disposal of Cornerstone does not have material impact on the earnings per share or net tangible assets per share of Federal International and the Group for the financial year ended 31 December 2020. Sim Wai Han Philip completed the acquisition of 60% stake in Cornerstone Offshore Pte. Ltd. from Federal International (2000) Ltd (SGX:BDU) during December 2020.