Paincare Centre Pte. Ltd. and Medinex Limited (Catalist:OTX) entered into a sale and purchase agreement to acquire 55% stake in Sen Med Holdings Pte. Ltd. from Jitendra Kumar Sen for SGD 1.7 million on January 23, 2019. Pursuant to the agreement, Paincare Centre Pte. Ltd. will acquire 20 ordinary shares amounting to 20% stake in Sen Med Holdings Pte. Ltd. The consideration shall be satisfied in full on the completion date. Prior to the transaction, Jitendra Kumar Sen holds 100% stake in Sen Med Holdings Pte. Ltd. Medinex Limited will use initial public offering proceeds of SGD 5.3 million to fund the transaction. Sen Med Holdings Pte. Ltd. reported net asset value of SGD 0.19 million as at December 31, 2018. The transaction is subject to Jitendra Kumar Sen and Sen Med Holdings Pte. Ltd. entering into a service contract relating to the employment of Jitendra Kumar Sen as an executive officer of Sen Med Holdings Pte. Ltd., conducting of satisfactory legal and financial due diligence and all necessary approvals, permits and consents having been taken, given to, made with and obtained from the relevant governmental, regulatory and administrative departments, authorities and bodies in Singapore or elsewhere. No Directors are proposed to be appointed to the Board of Medinex Limited in connection with the acquisition. The transaction is expected to be completed not later than 30 business days from the date of the agreement or other date as agreed.