Pilgrim Partners Asia (Pte.) Ltd entered into an agreement to acquire 29.8% stake in Fu Yu Corporation Limited from Hew Lien Lee, Ho Nee Kit, Tam Wai and Ching Heng Yang for SGD 58.3 million on January 13, 2021. The consideration will be paid in two tranches. As a pert of the transaction, Pilgrim Partners Asia will acquire 224.39 million shares. Chan Sing Yee and Alvin Chia of WongPartnership LLP acted as a legal adviser to CEO and founders of Fu Yu.