Novo Tellus PE Fund 2, L.P. managed by Novo Tellus Capital Partners entered into a conditional sale and purchase agreement to acquire 8.1% stake in Grand Venture Technology Limited (Catalist:JLB) from Metalbank Singapore Pte. Ltd for SGD 6.3 million on January 12, 2021. Under the terms of transaction, Novo Tellus will acquire 19 million shares from Metalbank at SGD 0.33 per share. In Related transaction, Novo Tellus entered into a conditional placement agreement to acquire 21.4% stake in Grand Venture Technology Limited for SGD 23.5 million on January 12, 2021. Post completion, The Placement Shares and the Sale Shares will represent approximately 29.6% of Grand Venture. Completion of the sale and purchase of the Sale Shares under the SPA is conditional upon, inter alia, Completion of the Placement. Following the completion of the Metalbank Sale, Kong Sang Wah (Managing Director (Malaysia)) and Saw Yip Hooi (Group Senior Director of Sales (Malaysia)) are expected to receive a portion of the Sale Proceeds in their capacity as shareholders of Metalbank, and Kong Sang Wah will thereafter cease to be a shareholder of Metalbank while Yip Hooi’s shareholding in Metalbank will be reduced. Tiam Nam (Executive Chairman of the GVT), Ng Wai Yuen, Julian (Chief Executive Officer of the GVT) and Tan Chun Siong (Chief Operating Officer of the GVT), who collectively own approximately 66.9% of total share capital of Metalbank, will not be receiving any part of the Sale Proceeds. CIMB Bank Berhad, Singapore Branch acted as financial advisor to Grand venture in transaction. Morgan, Lewis & Bockius LLP acted as legal advisor to Grand Venture Technology Limited.