Goyes Group Shaoshan Food Co., Ltd entered into an agreement to acquire Cacola Furniture International Limited (SGX:D2U) in a reverse merger transaction on April 7, 2014. Completion of the transaction is subject to third party approval, deal financing being secured, completion of the business disposal by Cacola Furniture, approval of Cocola board and shareholders, regulatory approval, consummation of due diligence, listing of Cocola on the Singapore stock exchange, Cacola shall have positive net current asset, positive cash flow from operations, and sufficient working capital and funding for its planned operations and capital investments, the consolidated net profit after tax excluding extraordinary items and goodwill arising from the acquisition shall not be less than CNY 110 million, the consolidated net tangible assets of Cocola shall not be less than CNY 200 million, completion of share consolidation and change in the name of Cocola. The long stop date for fulfillment of all deal conditions is March 31, 2015. The transaction is expected to close on a date no more than 90 business days, or such other date as the parties may agree in writing, after the approval of the shareholders having been obtained for the transactions.

As of March 20, 2015, Cacola Furniture International Limited issued circular to shareholders for proposed capital reorganization, proposed allotment and issue of the conversion shares arising from the conversion of the bridge loan to advance opportunities fund, the proposed allotment and issue of upto 1.95 billion placement shares, the possible transfer of a controlling interest to advance opportunities fund arising from the proposed conversion shares issue and the proposed placement share issue. As on January 14, 2015, Cacola Furniture International and Goyes Group Shaoshan Food entered into a supplemental agreement. The long stop date has been extended from March 31, 2015 to December 31, 2015. The last date for lodgment of proxy form is April 11, 2015 and extraordinary general meeting to be held on April 13, 2015. The Board of Directors of Cacola Furniture is of the opinion that the transaction is in the best interests of Cacola Furniture and accordingly recommends that shareholders vote in favor of the transaction.

DMG & Partners Securities Pte Ltd. acted as financial advisor to Cacola Furniture International Limited. Stamford Law acted as legal advisor to Cacola Furniture International Limited. Torch Consultants Group Limited provided consultancy services to Cacola Furniture International Limited.

Goyes Group Shaoshan Food Co., Ltd cancelled the acquisition of Cacola Furniture International Limited (SGX:D2U) in a reverse merger transaction on September 29, 2015. The parties entered into a mutual agreement, a deed of termination, on September 29, 2015, pursuant to which the Sale and Purchase Agreement shall be terminated with effect on the same date. Parties believe that certain conditions precedents are unlikely to be fulfilled by the Long-Stop Date.