Yap Kian Peng, Executive Deputy Chairman and Chief Executive Officer of Jackspeed Corporation Limited entered into a letter of intent to acquire all assets of Jackspeed Corporation Limited (SGX:J17) for SGD 48 million on May 27, 2019. Yap Kian Peng, Executive Deputy Chairman and Chief Executive Officer of Jackspeed Corporation Limited entered into a conditional sale and purchase agreement to acquire all assets of Jackspeed Corporation Limited for SGD 48 million on June 4, 2019. The consideration will be paid in cash at completion. Under the transaction, Yap Kian Peng will acquire all assets and liabilities existing on Jackspeed Corporation Limited’s balance sheet pertaining to the business including inter-company balances and Jackspeed Corporation Limited's entire legal and beneficial interests in all of its directly held subsidiaries attached to the business assets being acquired. In connection with the transaction, Jackspeed Corporation Limited has also granted an exclusivity period of 60 business days commencing on May 28, 2019 to Yap Kian Peng. Upon closing, Jackspeed Corporation Limited shall take immediate steps to change its name and remove the word “Jackspeed” from its name. Upon completion of the transaction, Jackspeed Corporation will cease to have any operating business and will be deemed as a cash company. Entire business of Jackspeed Corporation Limited generated revenues of SGD 46.7 million, EBIT of SGD8.6 million, EBITDA of SGD 10.8 million, net income of SGD 6.9 million, earnings from continuing operations of SGD 6.9 million for the year ended February 28, 2019. Entire business of Jackspeed Corporation Limited reported total assets of SGD 159.6 million, net assets of SGD 53.2 million, net debt of SGD 66.2 million, total debt of SGD 90.5 million and minority interest of SGD 4.8 million as of February 28, 2019. The transaction is subject to execution of a definitive sale and purchase agreement, the approval of shareholders of Jackspeed Corporation Limited being obtained at an extraordinary general meeting of Jackspeed Corporation Limited and Yap Kian Peng having obtained the requisite financing from a financial institution in respect of the acquisition. The transaction is subject to the parties having obtained all necessary consents, approvals, authorisations, clearances and/or waivers from their respective board of directors, approval from SGX-ST; Jackspeed Corporation having notified any banks or financial institutions which any of the Group Companies have financing arrangements with, and such persons having given their written consents to the proposed change in control of the business and the Jackspeed business assets; Jackspeed Corporation having obtained the irrevocable and unconditional waiver in writing from the shareholders of each of the Group Companies, other than Jackspeed Corporation, of such shareholders’ rights of preemption in relation to the sale and purchase of the legal and beneficial interests in the shares of that Group Company; Jackspeed Corporation having notified or obtained the consent of any third party for the transfer or assignment of the contracts to be sold as part of the Jackspeed Business Assets ("Contracts"), where required; subject to the results of the due diligence exercise on Jackspeed Corporation, the business and the Jackspeed business assets being satisfactory to Yap Kian Peng in its sole discretion and such due diligence to be completed within six weeks from the date of the agreement or a mutually agreed extended period; subject to Jackspeed Corporation, having obtained the consents, approvals, authorizations, clearances and/or waivers from its Board and from the shareholders at the meeting for the change of its corporate name. If the conditions are not satisfied or waived on or before August 30, 2019 or such other date as may be agreed in writing between the parties, the agreement shall lapse. As of August 30, 2019, the parties have extended the period to complete the due diligence exercise on Jackspeed Corporation from six weeks from the date of the agreement to 19 weeks from the date of the agreement and the long stop date has been extended to November 30, 2019. As on November 29, 2019, the agreement has extended the deadline for satisfaction of the conditions from November 30, 2019 to February 28, 2020. As of October 23, 2019, the Extraordinary General Meeting shall be held on November 15, 2019. As of November 15, 2019 shareholders of Jackspeed Corporation Limited (SGX:J17) approved the transaction. Yap Kian Peng, Executive Deputy Chairman and Chief Executive Officer of Jackspeed Corporation Limited completed the acquisition of all assets of Jackspeed Corporation Limited (SGX:J17) on January 03, 2020.