Jingyi Group Co Limited entered into a share sale agreement to acquire 85.5% stake in TTA Holdings Limited (ASX:TTA) from TT International Limited (SGX:T09) for AUD 1 million on March 15, 2017. Under the terms of transaction, Jingyi Group Co Limited will acquire 117.5 million of TTA Holdings Limited shares. In related transactions Xiangyou Kong agreed to acquire commercial property at Thomastown, Victoria from TEAC Australia Pty Ltd and TT International Limited agreed to acquire TEAC Australia Pty Ltd from TTA Holdings Limited for AUD 1 million. Upon completion, 3 new Directors nominated by Jingyi Group Co Limited will be appointed as directors of TTA Holdings Limited and all existing directors of TTA Holdings Limited will resign as directors effective from completion of transaction.

The transaction is subject to completion of sale of TEAC Australia Pty Ltd by TTA Holdings Limited, TTA Holdings Limited shareholder approval, approved by the requisite majority of the scheme creditors of TT International Limited and all other regulatory approvals both parties consider are necessary or desirable in connection with the transactions contemplated by the sale agreement have been obtained. The conditions need to be satisfied by June 30, 2017. As of May 22, 2017, the transaction has been approved by the shareholders of TTA Holdings Limited. The transaction is expected to be closed on May 30, 2017. On July 31, 2017, parties have agreed to extend the conditions satisfied date for a further period of one month from July 31, 2017 to August 31, 2017. The transaction is not expected to have a material impact on the TT International Limited consolidated net tangible assets or earnings per share for the financial year ending March 31, 2018.

Jingyi Group Co Limited cancelled the acquisition of 85.5% stake in TTA Holdings Limited (ASX:TTA) from TT International Limited (SGX:T09) on August 23, 2017. The transaction was cancelled as a result of the non-satisfaction of the scheme creditor condition. All deposits paid pursuant to the transaction documents have been returned to Jingyi Group Co Limited.