KLW Holdings Limited (Catalist:504) entered into a sale and purchase agreement to acquire 45.45% stake in Mega Sun Development Limited from Prosperity International Holdings (H.K.) Limited (SEHK:803) for CNY 85 million on October 27, 2014. Under the terms of the transaction, KLW Holdings will acquire 4545 shares of Mega Sun Development Limited for 45.45% stake. The acquisition is funded from prior fund raising exercises. Post-closing, KLW Holdings Limited shall be entitled to nominate one person as an additional director to Board of Directors of each of the Mega Sun Group Companies.

The transaction is subject to approval from government, regulatory authorities, approval from third parties and execution of escrow agreement. KLW Holdings Limited will be consulting the SGX-ST in accordance with Rule 1007(1) of the Catalist Rules on whether shareholders' approval will be required for the transaction. As announced on January 9, 2015, extraordinary general meeting of shareholders is scheduled to take place on January 26, 2015. Michelle Tan and Jeremy Sing of August Consulting Pte Ltd acted as communications and investor relations advisor for KLW Holdings Limited.

KLW Holdings Limited (Catalist:504) cancelled the acquisition of 45.45% stake in Mega Sun Development Limited from Prosperity International Holdings (H.K.) Limited (SEHK:803) on January 25, 2015.