Manfaith Investments Limited entered into a conditional sale and purchase agreement to acquire East Jade International Limited and Aim Tech Network Investment Limited from 8Telecom International Holdings Co. Ltd. (SGX:AZG) for CNY 420 million on August 21, 2015. Manfaith Investments Limited shall pay CNY 104.45 million on completion and the balance consideration on the payment date for the proposed dividend, which is expected to occur on or after the completion date. The agreement may be terminated at any time prior to the completion by any party by notice in writing to the other party if, the other party is in material breach of any provision of the agreement or any of its warranties being unfulfilled, untrue, misleading or incorrect in any material respect or any of the conditions precedent to be fulfilled by the other party have not been fulfilled or waived on or before June 30 2016. 8Telecom and Manfaith Investments may also terminate the agreement by mutual written consent. The transaction is subject to approval from the Board of Directors and shareholders of Manfaith Investments Limited, completion of the sale by Manfaith Investments of all of the shares held in 8Telecom and receipt of proceeds from such sale, Manfaith Investments having obtained all approvals, waivers, filings, registrations and consents as may be necessary from any third party or governmental agencies, 8Telecom undertaking a distribution via a proposed special dividend, approval from the shareholders of 8Telecom, clearance being obtained from the SGX-ST in respect of the circular to be issued, consents of the creditors of 8Telecom, East Jade International Limited and Aim Tech Network Investment Limited and there being no material adverse change in the business, operations, assets, financial condition or prospects of East Jade International Limited and Aim Tech Network Investment Limited. The transaction is also conditional upon Manfaith disposing of its entire 71.728% stake in 8Telecom. 8Telecom intends to use the entire net proceeds from the disposal to partially fund the proposed dividend. As of March 15, 2016, the transaction is approved by the shareholders of 8telecom. The parties entered into a side letter on June 30, 2016, pursuant to which the extension of the Long Stop Date to August 15, 2016 has been agreed by the parties. KGI Fraser Securities Pte Ltd. acted as the financial advisor to Manfaith Investments Limited. Manfaith Investments Limited completed the acquisition of East Jade International Limited and Aim Tech Network Investment Limited from 8Telecom International Holdings Co. Ltd. (SGX:AZG) on July 21, 2016.