Beijing Ant Brothers Technology Co., Ltd. announced that it has entered into an equity purchase agreement with the Broadway Industrial Group Limited (SGX:B69) for SGD 5,000,000 on January 21, 2020. Post the closing of the transaction, the registered capital of the company will increase from CNY 1,000,000 (SGD 196,220) to CNY 2,222,222 (SGD 436,044.4008) and the rest will be added to the capital reserve of the company. The company will receive amount in four tranches. The first tranche of SGD 1,500,000, in two installments of SGD 500,000 and SGD 1,000,000 of which CNY 366,666 (SGD 71,947.20252) will be added to its registered capital and remaining to its capital reserve, second tranche of SGD 1,500,000 of which CNY 366,667 (SGD 71,947.39874) will be added to its registered capital and the remaining to its capital reserve, third tranche of SGD 1,000,000 of which CNY 244,444 (SGD 47,964.80168) will be added to its registered capital and the remaining to its capital reserve and fourth tranche of SGD 1,000,000 of which CNY 244,445 (SGD 47,964.9979) will be added to its registered capital and the remaining to its capital reserve. Post the closing of the transaction, the investor will acquire 55% stake of the company.