Ofer Miller entered into a conditional sale and purchase agreement to acquire Artimedia PTE Ltd. from Artivision Technologies Ltd. (Catalist:5NK) for SGD 5 million on June 9, 2017. As per the terms of agreement, Ofer Miller will acquire 945 shares of Artimedia PTE Ltd. The payment will be made in cash and SGD 3 million shall be paid at completion of the proposed disposal, SGD 1 million shall be paid within 6 months from completion and remaining SGD 1 million shall be paid within 12 months from completion. Post-acquisition, Artimedia PTE Ltd. will cease to be a subsidiary of Artivision Technologies Ltd. For the year ended March 31, 2017, Artimedia PTE Ltd. reported net loss of SGD 6.62 million and net liabilities of SGD 23.1 million. The transaction is subject to approval of shareholders and board of directors of Artivision Technologies Ltd., approval of SGX-ST, third party approval and other conditions. The Board of Directors of Artivision Technologies Ltd. considers the transaction in best interest of Artivision Technologies Ltd and recommend that shareholder of Artivision vote in favour of the transaction. The Extraordinary General Meeting of Artivision Technologies Ltd. will be held on July 27, 2017, to seek the approval of the independent shareholders for the proposed disposal. If Ofer Miller is unable to obtain the funding or the conditions precedent are not satisfied or waived, by 8 September 2017 being three months from the date of sale and purchase agreement, the agreement will lapse and cease to have further effect. As of July 27, 2017, shareholder of Artivision Technologies has approved the transaction. Artivision Technologies Ltd. intends to use the proceeds to redeem the SGD 2 million bond issued by the Company to Ms Poh Chew Hua Christine at a subscription price of 100% of the principal amount of the bond and its corresponding interest of approximately SGD 0.50 million and the balance of the net proceeds for general working capital requirements of the Group and to fund future business expansions, investments and acquisitions when suitable opportunities arise. As on August 11, 2017, Artivision Technologies Ltd. received first tranche payment of the consideration of SGD 3 million and proceeds are fully utilized for repayment of outstanding bonds. Karen Soh and Leong Huey Miin of ZICO Capital Pte. Ltd. acted as financial advisor to independent directors of Artivision Technologies Ltd. Keoy Soo Earn of Deloitte & Touche Financial Advisory Services Pte. Ltd. acted as independent valuer in the transaction. Ofer Miller completed acquisition of Artimedia PTE Ltd. from Artivision Technologies Ltd. (Catalist:5NK) on August 11, 2017.