Travelite Holdings Ltd. entered into a sale and purchase agreement to acquire 40% stake in Funkie Monkies Ventures Pte Ltd from Eric Ng Tien Lin and Lim Koh Pang for approximately SGD 2.4 million.

Travelite Holdings Ltd. (SGX:BCZ) entered into a sale and purchase agreement to acquire 40% stake in Funkie Monkies Ventures Pte Ltd from Eric Ng Tien Lin and Lim Koh Pang for approximately SGD 2.4 million on March 24, 2023. The purchase consideration will range from SGD 0.69 million to SGD 2.4 million and will be satisfied via paying 50% cash and rest 50% by (a) the issue of such number of new ordinary shares in the capital of the Travelite, (b) in cash or (c) a combination of both, at the sole and absolute discretion of Travelite. The deal is conditional upon the completion of the Restructuring, consummation of due diligence, and approval of both Travelite and Funkie Monkies' board of directors and shareholders, and regulatory board.

On December 20, 2023 The Board inform that the parties have mutually agreed on an extension of time of an additional period of 6 months for the fulfilment.