AVIC International Engineering Holdings Pte. Ltd. and Yap Lian Seng entered into a share purchase agreement to acquire 19.03% stake in KHD Humboldt Wedag International AG (DB:KWG) from IAT Reinsurance Company Ltd., Investment Arm, Bermuda Partners, L.P, Occidental Fire & Casualty Company of North Carolina, Harco National Insurance Company, Transguard Insurance Company Of America, Inc., Acceptance Casualty Insurance Company and other shareholders for €61 million on October 11, 2013. In a related transaction, AVIC International Engineering Holdings Pte. Ltd. and Yap Lian Seng made an offer to acquire 60.97% stake in KHD Humboldt Wedag International AG (DB:KWG) for approximately €110 million on October 11, 2013. The transaction is subject to merger/cartel clearances been obtained under the laws of Turkey, German Federal Ministry of Economics and Technology issued a certificate of non-objection, all necessary approvals of the stock exchange have been obtained and the other requirements pursuant to the listing rules and the applicable corporate laws which are necessary to obtain either in a written voting procedure or at the general shareholders meeting. As of November 20, 2013, the transaction was approved by Federal Financial Supervisory Authority. The shareholders of KHD Humboldt Wedag International AG can accept the offer as of now and tender their shares until December 19, 2013. As of December 5, 2013, the management and supervisory Board of Khd Humboldt recommended shareholders to accept the offer. Network Corporate Finance acted as fairness opinion provider for KHD and provided supervisory board with its opinion. equinet AG acted as financial advisor to AVIC International Engineering Holdings Pte. Ltd. PricewaterhouseCoopers LLP and Deloitte & Touche GmbH Wirtschaftsprüfungsgesellschaft acted as accountants for AVIC International Engineering Holdings Pte. Ltd. YAP Lian Seng of Stamford Law Corporation acted as legal advisor for AVIC International Kairong Limited, ultimate parent of AVIC International Engineering. Reinhard Eyring, Martina Rothe, Fabian von Samson-Himmelstjerna, Joanna Wilczynska-Gluch, Tom Beckerhoff, Dominic Gregory, Philip Cavaillès and Daniel Öhvall from Ashurst LLP acted as the legal advisors to AVIC International Engineering Holdings Pte. Ltd.

AVIC International Engineering Holdings Pte. Ltd. and Yap Lian Seng completed the acquisition of 19.03% stake in KHD Humboldt Wedag International AG (DB:KWG) from IAT Reinsurance Company Ltd., Investment Arm, Occidental Fire & Casualty Company of North Carolina, Bermuda Partners, L.P., Harco National Insurance Company, Transguard Insurance Company Of America, Inc., Acceptance Casualty Insurance Company and other shareholders on December 27, 2013. The transaction was approved by Turkish merger control authority.