Edy Sugianto entered into agreement to acquire Beijing Raffles Investment Advisory Co., Ltd from Sincap Group Limited (Catalist:5UN) for SGD 10 million on June 12, 2017. Under the terms, SGD 3 million to be received within five business days upon the date of approval of the Beijing Raffles sale and purchase agreement at the EGM, SGD 3 million by July 21, 2017 and remaining SGD 4 million on the completion. During the financial year ended December 31, 2016, Beijing Raffles Investment Advisory Co., Ltd reported total assets of SGD 11.5 million (CNY 55.4 million), net assets of SGD 7.5 million (CNY 35.8 million), total revenue of SGD 17.8 million (CNY 85.4 million) and net loss of SGD 1.4 million (CNY 6.6 million). The Board of Directors of Beijing Raffles Investment Advisory Co., Ltd considers the transaction in best interest of Sincap Group Limited. The transaction is subject to filing and registration with the Ministry of Commerce of Chaoyang District, Beijing Municipality, approval by shareholders of Sincap Group Limited and other conditions. Shareholders of Sincap Group Limited approved the transaction at the EGM held on July 7, 2017. The transaction is expected to close on August 31, 2017. The proceeds from the proposed disposal will be used to expand the business of Sincap Group Limited subsidiary – Orion Energy Resources Pte. Ltd. and will also be used for the working capital of Orion. As on August 21, 2017, parties mutually agreed to extend the Long Stop Date of agreement to October 16, 2017. Edy Sugianto completed the acquisition of Beijing Raffles Investment Advisory Co., Ltd from Sincap Group Limited (Catalist:5UN) on October 12, 2017.