Chartchewa Co. Ltd. entered into sale and purchase agreement to acquire 11.73% stake in Chewathai Public Company Limited (SET:CHEWA) from TEE Development Pte Ltd. for approximately THB 120 million on December 19, 2017. Under the terms of the transaction, TEE Development Pte Ltd. will dispose 88 million shares in Chewathai Public Company Limited for THB 1.33 per share. Concurrently, 115.12 million ordinary shares in Chewathai Public Company Limited shall be sold by TEE Development Pte Ltd. to Chartchewa Co. Ltd. upon the exercise of call option or the put option. The transaction is conditional upon TEE Development Pte Ltd. having obtained all relevant regulatory approvals, approvals from Board and shareholders' of TEE Development Pte Ltd. and TEE Land Limited (SGX:S9B), associate parent of TEE Development Pte Ltd. and other customary closing conditions. The meeting of shareholders of TEE Land Limited will be held on January 24, 2018 to approve the transaction. On January 24, 2018, shareholders of TEE Land Limited approved the transaction. The transaction is expected to complete on January 23, 2018 and in no event later than December 31, 2018. The proceeds from the transactions will be re-allocated and invested in property development in Singapore. Chartchewa Co. Ltd. completed the acquisition of 11.73% stake in Chewathai Public Company Limited (SET:CHEWA) from TEE Development Pte Ltd. on January 26, 2018.