LC Development Ltd. (SGX:L38) entered into a share purchase agreement to acquire the remaining 15% stake in Gateway Enterprise Company Limited from Auslaos Investments Pty Ltd for $0.4 million on January 7, 2013. Under the terms of the agreement, LC Development will pay $0.37 million for 0.15 million shares of Gateway Enterprise and the rest will be paid to discharge the debt owed by Gateway to Auslaos Investments. The transaction is subject to approval from the Laotian authorities.

The impact on the earnings per share and net tangible assets per share of LC Development for the most recently completed financial year of June 30, 2012 is not material, assuming that the acquisition had been effected at the beginning and at the end of the said financial year respectively.