# EDGAR Filing Document

**Accession Number:** 0001971115
**File Stem:** 0001641172-25-015498
**Filing Date:** 2025-6
**Character Count:** 171173
**Document Hash:** 13efadec967784328cb69e387d3f7e22
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001641172-25-015498.hdr.sgml**: 20250618

**ACCESSION NUMBER**: 0001641172-25-015498

**CONFORMED SUBMISSION TYPE**: 424B3

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250618

**DATE AS OF CHANGE**: 20250618

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ryde Group Ltd
- **CENTRAL INDEX KEY:** 0001971115
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-BUSINESS SERVICES, NEC [7389]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-282076
- **FILM NUMBER:** 251055081

**BUSINESS ADDRESS:**
- **STREET 1:** DUO TOWER, FRASER STREET, #08-21
- **CITY:** SINGAPORE
- **STATE:** U0
- **ZIP:** 189352
- **BUSINESS PHONE:** 1 800 564 0362

**MAIL ADDRESS:**
- **STREET 1:** DUO TOWER, FRASER STREET, #08-21
- **CITY:** SINGAPORE
- **STATE:** U0
- **ZIP:** 189352

**Filed Pursuant to Rule 424(b)(3)**

**Registration No. 333-282076**

**PROSPECTUS SUPPLEMENT NO. 5**

**(TO PROSPECTUS DATED September 27, 2024)**

![](form424b3_001.jpg)

**Ryde Group Ltd**

This is a supplement ("Prospectus Supplement") to the prospectus, dated September 27, 2024 ("Prospectus") of Ryde Group Ltd (the "Company"), which forms a part of the Company's Registration Statements on Form F-1 (Registration No. 333-282076), as amended or supplemented from time to time.

On June XX, 2025, the Company furnished a Report on Form 6-K (the "Form 6-K") to the U.S. Securities and Exchange Commission (the "Commission") as set forth below.

This Prospectus Supplement should be read in conjunction with, and delivered with, the Prospectus and is qualified by reference to the Prospectus except to the extent that the information in this Prospectus Supplement supersedes the information contained in the Prospectus. This Prospectus Supplement is not complete without, and may not be delivered or utilized except in connection with, the Prospectus, including any amendments or supplements to it.

**Investing in our securities involves a high degree of risk. See "<u>Risk Factors</u>" beginning on page 8 of the Prospectus for a discussion of information that should be considered in connection with an investment in our securities.**

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

The date of this prospectus supplement is June XX, 2025.

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO RULE 13a-16 OR 15d-16**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of June 2025**

**Commission File Number: 001-41950**

**Ryde Group Ltd**

**Duo Tower, 3 Fraser Street, #08-21**

**Singapore 189352**

**+65-9665-3216**

**(Address of principal executive offices)**

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

**Item 1.01 Entry into a Material Definitive Agreement**

On June 16, 2025, Ryde Group Ltd (the "**Company**"), through its wholly-owned subsidiary, RCSR Pte Ltd (the "**Purchaser**"), acquired 40% of the paid-up and issued share capital of Atoll Discovery Pte. Ltd. from Steven Kwek Poh Song (the "**Seller**").

The consideration paid to the Seller by the Company, included in a Sale and Purchase Agreement, among the Company, Purchaser and Seller (the "**SPA**"), was 4,850,000 Class A shares of the Company.

The SPA includes representations, warranties and covenants of the Purchaser and the Seller as well as other customary closing conditions. The foregoing summary description of the SPA do not purport to be complete and are qualified in their entirety by the full text of the agreements filed as exhibits to this Current Report on Form 6-K.

**Item 2.01 Completion of Acquisition or Disposition of Assets**

To the extent applicable, the information set forth in Item 1.01 is incorporated by reference into this Item 2.01.

**Item 3.02. Unregistered Sales of Equity Securities.**

To the extent applicable, the information set forth in Item 1.01 is incorporated by reference into this Item 3.02.

**Item 8.01 Other Events**

On June 18, 2025, the Company issued a press release announcing the matters described in Item 1.01 of this report, a copy of which is attached hereto as Exhibit 99.1 and incorporated herein by reference.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 10.1 | [Sale and Purchase Agreement, dated June 16, 2025](#a_001) |
| 99.1 | [Press Release](#a_002) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Ryde Group Ltd** | **Ryde Group Ltd** |
| Date: June 18, 2025 | By: | */s/ Zou Junming Terence* |
|  | Name: | Zou Junming Terence |
|  | Title: | Chairman of the Board of Directors and Chief Executive Officer |

---

**Exhibit 10.1**

<u>DATED </u> <u>16 JUNE 2025</u>

**Steven Kwek Poh Song (Steven Guo Baosong)**

(as "**Seller**")

and

**RCSR Pte. Ltd.**

(as "**Purchaser**")

and

**Ryde Group Ltd.**

**AGREEMENT**

for the

sale and purchase of

40% of the paid-up and issued share capital of

**ATOLL DISCOVERY PTE. LTD.**

**CONTENTS**

---

| | | |
|:---|:---|:---|
| **Clause** | **Clause** | **Page** |
| 1. | Interpretation | 2 |
| 2. | Sale and Purchase of Sale Shares | 6 |
| 3. | Consideration | 7 |
| 4. | Conditions | 7 |
| 5. | Pre-Completion Obligations | 8 |
| 6. | Completion | 8 |
| 7. | Warranties and Undertakings | 9 |
| 8. | Seller's Indemnity | 10 |
| 9. | Purchaser's Rights to Terminate | 11 |
| 10. | Confidentiality | 11 |
| 11. | Rights of Third Parties | 12 |
| 12. | Counterparts | 12 |
| 13. | Further Assurance | 12 |
| 14. | Variation, Waiver and Consent | 12 |
| 15. | Rights and Remedies | 13 |
| 16. | Entire Agreement | 13 |
| 17. | Withholding and Grossing-Up | 13 |
| 18. | Notices | 13 |
| 19. | Costs | 14 |
| 20. | Continuing Effect | 14 |
| 21. | Severability | 14 |
| 22. | Assignment | 14 |
| 23. | Governing Law and Dispute Resolution | 15 |

---

**Schedule**

---

| | |
|:---|:---|
| SCHEDULE 1 |  |
| Details of the Company | 16.0 |
| SCHEDULE 2 |  |
| Conditions Precedent | 17.0 |
| SCHEDULE 3 |  |
| Pre-Completion Obligations | 18.0 |
| SCHEDULE 4 |  |
| Completion | 21.0 |
| Part 1: Seller's Obligations at Completion | 21.0 |
| Part 2: Purchaser's Obligations at Completion | 21.0 |
| SCHEDULE 5 |  |
| Warranties | 22.0 |
| Schedule 6 | 50.0 |
| Form of Deed of Completion Certificate | 50.0 |
| Schedule 7 | 52.0 |
| List of Assets | 52.0 |

---

(*See next page*)

**DATE:**

**PARTIES:**

(1) **Steven Kwek Poh Song (Steven Guo Baosong)** (NRIC
 Number: [ ]) with a residential address
 at [ ] (the "**Seller** ");

(2) **RCSR PTE. LTD.** (UEN No: 202444790W), a company incorporated in Singapore having its registered
 address at 3 Fraser Street, #08-21 Duo Tower, Singapore 189352 (the "**Purchaser** ");
 and

(3) **RYDE GROUP LTD.** (Company No: 397757), a company incorporated in Cayman Islands having its
 registered address at 4th Floor, Harbour Place, 103 South Church Street, P.O. Box 10240,
 Grand Cayman KY1-1002, George Town, Cayman Islands ()"**Ryde Group Ltd** "),

each a "**Party**", collectively, the "**Parties**".

**RECITALS:**

(A) Atoll
 Discovery Pte. Ltd. (the "**Company**") is an exempt private company limited
 by shares incorporated and validly existing under the laws of Singapore. Further particulars
 of the Company are set out in Schedule 1.

(B) The
 Seller is the legal and beneficial owners of 100,000 ordinary shares of the Company and wishes
 to sell to the Purchaser 40,000 ordinary shares of the Company representing 40% of the paid-up
 and issued share capital of the Company (collectively, the "**Sale Shares** ").

(C) The
 Seller has agreed to sell and the Purchaser has agreed to purchase the Sale Shares on the
 terms set out in this Agreement.

**IT IS AGREED** as follows:

**1.** **Interpretation** 

1.1 Defined
 terms

In this Agreement, the following words and expressions shall have the following meanings:

"**Accounting Date**" means in relation to any Financial Year of the Company, the last day of that Financial Year;

"**Accounts**" means in relation to any Financial Year of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the
 balance sheet of the Company as at the Accounting Date in respect of that Financial Year;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the
 profit and loss account and cash flow statement of the Company in respect of that Financial
 Year,

together in each case with all notes, reports and statements required by law or Relevant Accounting Standards to be included in or annexed to them;

"**Affiliate**" means, with respect to any person, any (a)(i) other person that directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with, such specified person, (ii) trust or partnership of which the trustee or general partner is the person referred to in clause (i), or (iii) entity which manages or provides investment management advice to, or is managed by or receives investment management advice from, any of the foregoing; and (b) directors of such person or of a person described in clause (a) of this sentence; provided that "**control**" (including the terms "**controlled by**" and "**under common control with**"), with respect to the relationship between or among two or more persons, means the possession, directly or indirectly, of the power to direct or cause the direction of the affairs or management of a person, whether through the ownership of voting securities, as trustee or executor, by contract or otherwise.

"**Business**" means the business of the Company in rental and leasing of cars;

"**Business Day**" means a day (excluding Saturday, Sunday and public holidays) on which banks generally are open in Singapore for the transaction of normal banking business;

"**Company**" has the meaning ascribed to it in Recital (A);

"**Companies Act**" means the Companies Act 1967 of Singapore, as amended or modified from time to time;

"**Completion**" means completion of the sale and purchase of the Sale Shares in accordance with Clause 6;

"**Completion Date**" has the meaning given to it in Clause 6.1;

"**Conditions**" means the conditions precedent referred to in Clause 4.1;

"**Consideration**" has the meaning given to it in Clause 3.1;

"**Consideration Shares**" means 4,850,000 Class A ordinary shares in the capital of Ryde Group Ltd., to be issued at the Issue Price and credited as fully-paid;

"**Directors**" means the persons listed as directors of the Company;

"**Disclosed**" means disclosed by the Seller in writing to the Purchaser fully, fairly, specifically and accurately and with sufficient particularity to enable the Purchaser to assess the full impact on the Company of the matter, fact or circumstance disclosed and "**Disclosure**" shall be construed accordingly;

"**Dispute**" has the meaning given to it in Clause 23.2;

"**Encumbrance**" means any mortgage, charge, pledge, lien, restriction, assignment, hypothecation, security interest, title retention or any other agreement or arrangement the effect of which is the creation of security, or any other interest, equity or other right of any person (including any right to acquire, option, right of first refusal, right of first offer or right of pre-emption), or any agreement or arrangement to create any of the same;

"**Environment**" means any and all organisms (including man), ecosystems, property and the following media:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) air
 (including the air within buildings and the air within other natural or man-made structures,
 whether above or below ground);

(2) water
 (including water under or within land or in drains or sewers and coastal and in-land waters);
 and

(3) land
 (including land under water);

"**Environmental Laws**" means any and all laws, whether civil, criminal or administrative applicable to the Company and/or the conduct of the Business and which have as a purpose or effect the protection of the Environment and/or the prevention of Harm and/or the provision of remedies in respect of Harm;

"**Financial Year**" means a financial year of the Company;

"**Harm**" means harm or damage to, or other interference with, the Environment and includes any detrimental effects on the health of living organisms or other interference with the ecosystems of which they form part and, in the case of humans, includes offence caused to any of their senses or harm or damage to their property;

"**Last Accounting Date**" means 31 December 2024;

"**Last Accounts**" means the Accounts in respect of the Financial Year ended on the Last Accounting Date;

"**Long Stop Date**" has the meaning given to such term in Clause 4.3;

"**Losses**" includes, in respect of any matter, event or circumstance, all demands, claims, actions, proceedings, damages, payments, fines, penalties, losses, costs (including legal costs), expenses (including Tax), disbursements or other liabilities in any case of any nature whatsoever, whether or not consequential, special, indirect or incidental;

"**NYSE American**" means New York Stock Exchange American LLC;

"**Notice**" has the meaning given to such term in Clause 18.1;

"**Permits**" means any and all licences, consents, permits, registrations, filings, exemptions, approvals, authorisations or the like, made or issued pursuant to or under, or required by, Environmental Laws for the lawful carrying on of the Business;

"**Purchaser's Group**" means the Ryde Group Ltd. and its subsidiaries, including the Purchaser, and Affiliates, and "**Purchaser's Group Entity**" means any one of them;

"**Relevant Accounting Standards**" means in relation to any Accounts, the International Financial Reporting Standards, and to the extent that the Company is not required to comply with the foregoing, the relevant accounting standards applicable to the Company;

"**Ryde Group Ltd.**" means Ryde Group Ltd.;

"**Sale Shares**" has the meaning given to it in Recital (B);

"**Stamp Duty Documents**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 working sheet computing the net asset value per Sale Share in the form prescribed by the
 Stamp Duty Branch of the Inland Revenue Authority of Singapore and signed by a director or
 the secretary of the Company; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such
 other documents as may be prescribed from time to time by the Stamp Duty Branch of the Inland
 Revenue Authority of Singapore for the purpose of assessing the stamp duty payable on a transfer
 of share;

"**Tax**" or "**Taxation**" means all forms of taxation, withholdings, duties, imposts, levies, social security or housing fund contributions and rates imposed by any local, municipal, governmental, state, federal or other body or authority in Singapore or elsewhere, in all cases being in the nature of taxation, and any interest, penalty, surcharge or fine in connection therewith;

"**Tax Authority**" means any Tax authority or other authority competent to impose, assess or enforce any liability to Tax whether in Singapore or elsewhere;

"**Transaction Agreements**" means the definitive agreements entered into in connection with the Transactions, including this Agreement and any other agreement or document to be entered into pursuant to or in connection with this Agreement;

**"Transactions"** means the sale and purchase of the Sale Shares under this Agreement and all other related transactions contemplated by this Agreement; and

"**Warranties**" means the representations and warranties given in Clause 7 and Schedule 5.

1.2 Statutory
 provisions

All references to statutes, statutory provisions, enactments, shall include references to any consolidation, re-enactment, modification or replacement of the same, any statute, statutory provision, enactment, of which it is a consolidation, re-enactment, modification or replacement and any subordinate legislation in force under any of the same from time to time except to the extent that any consolidation, re-enactment, modification or replacement enacted after the date of this Agreement would extend or increase the liability of any party to another under this Agreement.

1.3 Holding
 company and subsidiary

The terms "**subsidiary**", "**subsidiaries**", "**holding company**" and "**holding companies**" shall have the meaning as defined in the Companies Act.

1.4 Agreed
 form

Any reference to a document in the "**agreed form**" is to the form of the relevant document in the terms agreed between the relevant Parties and agreed in writing by or on behalf of the relevant Parties.

1.5 Recitals,
 schedules, etc.

References to this Agreement include the recitals and schedules which form part of this Agreement for all purposes. References in this Agreement to the parties, the recitals, schedules and clauses are references respectively to the parties and their legal personal representatives, successors and permitted assigns, the recitals and schedules to and clauses of this Agreement.

1.6 Meaning
 of references

Save where specifically required or indicated otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words
 importing one gender shall be treated as importing any gender, words importing individuals
 shall be treated as importing body corporates and vice versa, words importing the singular
 shall be treated as importing the plural and vice versa, and words importing the whole shall
 be treated as including a reference to any part thereof;

(b) references
 to a person shall include any individual, firm, body corporate, unincorporated association,
 government, state or agency of state, association, joint venture or partnership, in each
 case whether or not having a separate legal personality. References to a company shall be
 construed so as to include any company, corporation or other body corporate wherever and
 howsoever incorporated or established;

(c) references
 to the word "**include**" or "**including**" (or any similar
 term) are not to be construed as implying any limitation and general words introduced by
 the word "**other**" (or any similar term) shall not be given a restrictive
 meaning by reason of the fact that they are preceded by words indicating a particular class
 of acts, matters or things;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 reference to "**writing**" or "**written**" includes any method
 of reproducing words or text in a legible and non-transitory form and, for the avoidance
 of doubt, shall include e-mail;

(e) references
 to "**indemnify**" and to "**indemnifying**" any person against
 any Losses by reference to any matter, event or circumstance includes indemnifying and keeping
 that person indemnified against all Losses from time to time made, suffered or incurred as
 a direct or indirect consequence of or which would not have arisen but for that matter, event
 or circumstance;

(f) references
 to "**Singapore Dollars** ", "**S$**" or "**SGD** "
 are to the lawful currency of Singapore;

(g) references
 to "**United States Dollars**" or "**US$**" are to the lawful
 currency of the United States of America;

(h) references
 to times of the day are to that time in Singapore and references to a day are to a period
 of 24 hours running from midnight to midnight;

(i) if
 any period of time is specified from a given day, or the day of a given act or event, it
 is to be calculated exclusive of that day and if any period of time falls on a day which
 is not a Business Day, then that period is to be deemed to only expire on the next Business
 Day;

(j) where
 there are two (2) or more persons or parties included or comprised in any expression, any
 agreement, covenant, term, stipulation, representation, warranty, undertaking or any other
 commitment expressed to be made or assumed by and on behalf of such persons or parties shall
 be deemed to be made or assumed by or binding upon such persons or parties jointly and severally;
 and

(k) references
 to any Singapore statutory provision or legal term for any action, remedy, method of judicial
 proceeding, legal document, legal status, court, official or other legal concept, state of
 affairs or thing shall in respect of any jurisdiction other than Singapore be deemed to include
 that which most nearly approximates in that jurisdiction to the Singapore statutory provision
 or legal term or other legal concept, state of affairs or thing.

1.7 Headings

Clause and paragraph headings and the table of contents are inserted for ease of reference only and shall not affect construction.

1.8 Awareness

Where any statement is qualified by the expression "to the best of the knowledge of the Seller" or "so far as the Seller is aware" or any similar expression, the statement shall be deemed to include the actual knowledge, or such knowledge as such individual should have had after due inquiry with reasonable care and diligence, of the board of directors, officers and employees of the Company.

**2**. **Sale and Purchase of Sale Shares** 

2.1 Sale
 and purchase of Sale Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At
 Completion, the Seller shall sell and the Purchaser (relying on the Warranties and the other
 obligations of the Seller under this Agreement) shall purchase, the entire legal and beneficial
 ownership in the Sale Shares free from all Encumbrances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Seller covenants with the Purchaser that he has now and at all times up to and at Completion
 shall have full power and the right to sell and transfer the legal and beneficial title in
 and to procure the transfer of the legal and beneficial title in the Sale Shares which are
 held directly by the Seller on the terms set out in this Agreement.

2.2 Rights
 attaching to the Sale Shares

The Sale Shares shall be sold together with all rights now or hereafter attaching to them, including all rights to any dividend or other distribution.

 

2.3 Waiver
 of restrictions on transfer

The Seller hereby agrees to procure the waiver of any restrictions on transfer (including rights of pre-emption) which may exist in relation to the Sale Shares, whether under the constitution of the Company or otherwise.

**3.** **Consideration** 

3.1 Total
 Price

The aggregate consideration for the purchase of the Sale Shares shall be US$1,455,000 ("**Consideration**").

3.2 Payment
 of Consideration

The Consideration shall be paid by way of allotment and issue by Ryde Group Ltd. to the account(s) of the Seller the Consideration Shares and credited as fully-paid and shall rank in full for all entitlements, including dividends or other distributions declared or recommended in respect of the then existing issued Class A ordinary shares of Ryde Group Ltd., the record date for which falls on or after the Completion Date, and in all other respects shall rank *pari passu* with other existing issued Class A ordinary shares of the Purchaser then in issue. For this purpose, "record date" means the date fixed by Ryde Group Ltd. for the purposes of determining entitlements to dividends or other distributions to or rights of holders of shares.

3.3 Application
 of Payments

The payment of the Consideration by or on behalf of the Purchaser shall be a good and valid discharge of the relevant obligation of the Purchaser to make payment of the Consideration.

**4.** **Conditions** 

4.1 Conditional
 Completion

Completion is conditional on those matters listed in Schedule 2 being satisfied or waived in accordance with this Agreement by the Long Stop Date. If any Condition is not fully satisfied or waived in accordance with this Agreement, this Agreement shall automatically terminate with immediate effect on the Long Stop Date.

4.2 Waiver
 of Conditions

The Purchaser may in its absolute discretion, at any time by notice in writing to the Seller, waive to the fullest extent permissible by law either in whole or in part the Conditions to be fulfilled by the Seller.

4.3 Parties'
 commitments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Seller undertakes to use his best endeavours to ensure that the Conditions to be fulfilled
 by the Seller are fulfilled to the satisfaction of the Purchaser as soon as reasonably practicable
 and in any event by **30 June 2025** or such later date as may be agreed to be extended
 by the Purchaser by written notice to the Seller (the "**Long Stop Date** ").
 The Seller shall notify the Purchaser in writing as soon as reasonably practicable after
 all of the Conditions in Schedule 2 have been fulfilled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding
 the foregoing, for the avoidance of doubt, the Purchaser shall not, under any circumstances
 be required to offer any remedies to secure the satisfaction of any Condition, including
 divesting, disposing of, or holding separate (or otherwise taking or committing to take any
 action that limits the Purchaser's freedom or action with respect to, or its ability
 to retain, operate or control) any of the businesses or assets of the Company or any other
 businesses or assets of any of the Purchaser's affiliates, which may be requested by
 the competent competition authority in any relevant jurisdiction).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Seller further undertakes to the Purchaser that it shall promptly furnish all information
 required by NYSE American for purposes of obtaining (or maintaining) such approvals and/or
 waivers as required from NYSE American.

4.4 Parties
 notice

If, at any time, the Seller or the Purchaser becomes aware of a fact or circumstance that might prevent a Condition from being satisfied, it shall inform the Purchaser or the Seller (as the case may be) as soon as reasonably practicable.

4.5 Failure
 to fulfil Conditions

In the event that any of the Conditions shall not have been fulfilled (or waived pursuant to Clause 4.2) prior to the Long Stop Date, then the Purchaser shall not be bound to proceed with the purchase of the Sale Shares and this Agreement shall cease to be of any effect and the Purchaser shall owe no liabilities to the Seller.

4.6 If,
 notwithstanding the occurrence of any fact, matter or event which would otherwise give rise
 to a right to terminate this Agreement under Clause 9.1, the Purchaser proceeds to Completion,
 the fact that the Purchaser has proceeded to Completion shall not constitute a waiver of
 any right or entitlement of the Purchaser to make any claim under this Agreement.

**5.** **Pre-Completion Obligations** 

5.1 As
 from the date of this Agreement until Completion, the Seller undertakes to the Purchaser
 that, he shall procure the performance and observance of those matters listed in Schedule

**6.** **Completion** 

6.1 Timing

Completion shall take place on the date which is **three (3)** Business Days after the date of written notification by the Purchaser to the Seller of the fulfilment to the satisfaction (or waiver) of the Purchaser of the Conditions pursuant to Clause 4.3 or such other time or date as the Parties may agree in writing (the "**Completion Date**").

6.2 Location

Completion shall take place electronically (or such other place as the Parties may agree in writing) where all (but not some only) of the events detailed in this Clause 6 and Schedule 4 shall occur.

6.3 Seller's
 obligations at Completion

At Completion, the Seller shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 not already provided to the satisfaction of the Purchaser, produce evidence to the satisfaction
 of the Purchaser of fulfilment of the Conditions unless waived pursuant to Clause 4.2;

(b) deliver
 (or cause to be delivered) to the Purchaser the items listed in Part 1 of Schedule 4 (the
 Purchaser receiving those items, where appropriate, as agent of the Company); and

(c) procure
 that all necessary steps have been taken properly to effect the matters listed in Part 1
 of Schedule 4 at board meetings of the Company and deliver to the Purchaser duly signed minutes
 of all such board meetings or resolutions in writing of the board.

6.4 Purchaser's
 obligations at Completion

At Completion, and subject to the Seller complying with his obligations under Clause 6.3, the Purchaser shall do or deliver (or cause to be delivered) to the Seller the matters or items listed in Part 2 of Schedule 4.

6.5 Failure
 to complete

Without prejudice to any other remedies available to the Purchaser, if the provisions of Clause 6.3 are not complied with in any respect on the Completion Date (including the failure of the Completion to occur on or prior to the Long Stop Date without any continuing and uncured material breach of this Agreement on the part of the Purchaser), the Purchaser shall not be obliged to complete the purchase of the Sale Shares or pay any of the Consideration and may in its absolute discretion (in addition and without prejudice to any other right or remedy available to it) by written notice to the Seller:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) defer
 Completion by a period of not more than one (1) month to such other date as it may specify
 in such notice (and so that the provisions of this Clause 6.5 shall apply to Completion as
 so deferred);

(b) waive
 all or any of the requirements contained or referred to in Clause 6.3 at its discretion (and
 without prejudice to its rights under this Agreement) and proceed to Completion so far as
 practicable; or

(c) terminate
 this Agreement without liability on its part.

If the Purchaser terminates this Agreement pursuant to this Clause 6.5, each Party's further rights and obligations shall cease immediately on termination, save for those clauses listed or referred to in Clause 9.2 (which shall remain in force), and save in respect of any claims by the Purchaser arising out of any antecedent breach of this Agreement.

**7.** **Warranties and Undertakings** 

7.1 Representations
 and Warranties of the Seller

The Seller represents and warrants to the Purchaser that each of the statements set out in Schedule 5 is at the date of this Agreement, and will at Completion and at all times before Completion (by reference to the facts and circumstances existing at the relevant time) be true and accurate and not misleading.

7.2 Reliance
 upon the Warranties

The Seller acknowledges that the Purchaser has entered into this Agreement on the basis of and in reliance upon (among other things) the Warranties and has been induced by them to enter into this Agreement.

7.3 Updating
 to Completion

The Seller represents and warrants to and undertake with the Purchaser and its successors in title that the Warranties will be fulfilled down to, and will be true and correct in all respects and not misleading at, Completion as if they had been entered into afresh at Completion and with reference to the circumstances then existing at Completion.

7.4 Rights
 and remedies unaffected

The rights and remedies of the Purchaser in respect of any breach of the Warranties by the Seller shall not be affected by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Completion;

(b) any
 investigation or due diligence made or ought to be made by or on behalf of the Purchaser
 into the business and affairs of the Company; or

(c) any
 failure to exercise or delay in exercising any right or remedy or by any other event or matter
 whatsoever, except a specific and duly authorised written waiver or release, and it shall
 not be a defence to any claim that the Purchaser knew or ought to have known that any matters
 warranted or represented were not as warranted or represented.

7.5 Compensation
 for breach of Warranty or Obligation

The Seller undertakes (without limiting any other rights of the Purchaser in any way including its rights to damages in respect of a claim for breach of any Warranty or covenant or obligation provided by the Seller on any other basis) that, if there is a breach of any Warranty or covenant or obligation provided by the Seller, they shall pay in cash to the Purchaser on demand a sum equal to all Losses suffered or incurred by the Purchaser or such Purchaser's Group Entity, directly or indirectly, as a result of or in connection with such breach of Warranty or covenant or obligation (which, in the case of Losses of the Purchaser arising from any Loss of any Purchaser's Group Entity, shall be calculated by multiplying the direct or indirect, as applicable, shareholding ratio of the Purchaser in such Purchaser's Group Entity with the amount of such Loss of such Purchaser's Group Entity).

7.6 Warranties
 separate

Each of the Warranties shall be separate and independent and, save as expressly provided to the contrary in this Agreement, shall not be limited by reference to or inference from any other Warranty or anything in this Agreement.

7.7 Information
 supplied to the Seller

The Seller shall not be entitled to raise as a defence to a claim by the Purchaser under this Agreement the fact that he had relied on information provided to him the Company or any of their officers, employees, workers or agents (including advisers).

7.8 No
 claim against Purchaser's Group or employees

The Seller hereby irrevocably waives any and all claims against each Purchaser's Group Entity and any of its officers, employees, workers and, in connection only with the sale of the Sale Shares, its agents (including advisers) and undertakes (if any claim is made against them in connection with the sale of the Sale Shares to the Purchaser) not to make any claim against or seek any contribution from any such person (and undertakes that no other person claiming under or through them will make any such claim or seek any such contribution).

 

7.9 Seller
 to disclose before Completion any breach of Warranties

The Seller hereby agrees to disclose promptly to the Purchaser in writing immediately upon becoming aware of the same, any matter, event or circumstance (including any omission to act) which may arise or become known to him after the date of this Agreement and before Completion which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) constitutes
 a breach of any of the Warranties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) has,
 or is likely to have, an adverse effect on the financial position, financial performance
 or prospects of the Company.

7.10 Post
 Completion Undertakings

The Seller shall cause the Company to appoint a named nominee of the Purchaser as a director on the board of directors of the Company.

**8.** **Seller's Indemnity** 

8.1 The
 Seller shall defend, indemnify and hold harmless the Purchaser, for itself and as agent and
 trustee for each Purchaser's Group Entity or Purchaser's Group, from and against
 any Losses, which the Purchaser or any Purchaser's Group Entity or Purchaser's
 Group incurs, and resulting from or arising out of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 breach of the representations and warranties provided by the Seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 material breach of any term of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all
 Losses suffered by the Purchaser or any Purchaser's Group Entity or Purchaser's
 Group arising out of or in connection with the litigation cases *Tan Tong Luen v Atoll Discovery Pte. Ltd. & Anor.* and *Muralikrishnan Rangan v Atoll Discovery Pte. Ltd. & Anor*.

8.2 The
 provisions of this Clause 8 shall survive Completion and/or termination of this Agreement.

8.3 For
 the avoidance of doubt, the Purchaser is not obliged to make any claim under Clause 7.5 or
 this Clause 8 pursuant to any insurance it may hold prior to making such claim against the
 Seller.

**9.** **Purchaser's Rights to Terminate** 

9.1 The
 Purchaser may by written notice given to the Seller at any time prior to Completion terminate
 this Agreement if any fact, matter or event (whether existing or occurring on or before the
 date of this Agreement or arising or occurring afterwards) comes to the notice of the Purchaser
 at any time prior to Completion which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) constitutes
 a material breach by the Seller of this Agreement (including any breach of the covenants
 or other obligations of the Seller contained or referred to in Clause 2 or Clause 5);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) would
 constitute a material breach of any of the Warranties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 the Purchaser's sole opinion, affects or is likely to affect in a materially adverse
 manner the business/operations, financial position or financial performance of the Company.

9.2 All
 rights and obligations of the Parties shall cease to have effect immediately upon termination
 of this Agreement pursuant to Clause 4.5, Clause 6.5(c) or Clause 8.1 save that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) clauses
 which are expressed to survive its termination or expiry, or which from their nature or context
 it is contemplated that they are to survive termination (including Clauses 7, 8 and this
 Clause 9.2); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 provision of this Agreement necessary for its interpretation or enforcement

shall continue in force following termination of this Agreement (for whatever reason) and further save that termination of this Agreement (for whatever reason) shall be without prejudice to the respective rights and liabilities of each of the Parties accrued prior to such termination.

**10.** **Confidentiality** 

10.1 Prior
 approval of disclosure and announcements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the provisions of Clause 10.2 below, no disclosure or announcement relating to the existence
 or subject matter of this Agreement shall be made or issued by or on behalf of the Seller
 or the Purchaser without the prior written approval of the other Party (which approval may
 be subject to reasonable conditions but shall otherwise not be unreasonably withheld or delayed)
 except that these restrictions shall not apply to (i) disclosure to each Party's employees,
 officers, advisers, agents and partners on a need-to-know basis; or (ii) any disclosure or
 announcement if required by (and only to the minimum extent required by) any law, applicable
 securities exchange (including NYSE American), supervisory, regulatory or governmental body,
 provided that the disclosure or announcement shall so far as is practicable be made after
 consultation with the other Party and after taking into account the reasonable requirements
 of the other Party as to the contents and manner of making or despatch.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding
 the provisions of Clause 10.1(a) above, once a disclosure, announcement, press or other release
 has been approved by the Parties ()"**Approved Release** "), each Party may
 issue further disclosures, releases or announcements without the consent of the other Party
 provided the content of such announcement or release is substantially similar to the Approved
 Release and does not divulge any additional information in connection with the Transactions
 contemplated by the Transaction Agreements which is not already included in the Approved
 Release.

10.2 Notices
 to customers etc.

Nothing in this Agreement will prohibit the Purchaser from making or sending after Completion any announcement to a customer, client or supplier of any Purchaser's Group Entity informing it that the Purchaser has purchased the Sale Shares.

**11.** **Rights of Third Parties** 

A person who is not a party to this Agreement has no rights under the Contracts (Rights of Third Parties) Act 2001 of Singapore.

**12.** **Counterparts** 

This Agreement may be executed by the Parties hereto in separate counterparts, each and all of which when so executed and delivered to the Parties by electronic mail in "portable document format" (.pdf) form, or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, or by a combination of such means, shall be deemed an original, but all such counterparts shall together constitute one and the same instrument. Each counterpart may consist of a number of copies hereof each signed by less than all, but together signed by all of the Parties hereto. Any Party may enter into this Agreement by signing any such counterpart transmitted electronically or other electronic signatures (such as DocuSign or AdobeSign), by any of the Parties to any other Party and each receiving Party may rely on the receipt of such document so executed and delivered as if the original had been received. The Parties agree that signatures executed by way of electronic means (such as DocuSign or AdobeSign) shall be recognised and construed as secure electronic signatures to the fullest extent under applicable law, and that the Parties accordingly shall deem such signatures to be original signatures for all purposes.

**13.** **Further Assurance** 

The Seller agrees (at his own cost) to perform (or procure the performance of) all further acts and things, and execute and deliver (or procure the execution and delivery of) such further documents, as may be required by law or as the Purchaser may reasonably require, whether on or after Completion, to implement and/or give effect to the Transaction Agreements and the Transactions and for the purpose of vesting in the Purchaser the full benefit of the assets, rights and benefits to be transferred to the Purchaser under or pursuant to this Agreement including the legal and beneficial ownership of the Sale Shares.

**14.** **Variation, Waiver and Consent** 

14.1 No
 variation or waiver of any provision or condition of this Agreement shall be effective unless
 it is in writing and signed by or on behalf of each of the Parties (or, in the case of a
 waiver, by or on behalf of the party waiving compliance).

14.2 Unless
 expressly agreed, no variation or waiver of any provision or condition of this Agreement
 shall constitute a general variation or waiver of any provision or condition of this Agreement,
 nor shall it affect any rights, obligations or liabilities under or pursuant to this Agreement
 which have already accrued up to the date of variation or waiver, and the rights and obligations
 of the parties under or pursuant to this Agreement shall remain in full force and effect,
 except and only to the extent that they are so varied or waived.

14.3 Any
 consent granted under this Agreement shall be effective only if given in writing and signed
 by the consenting Party and then only in the instance and for the purpose for which it was
 given.

**15.** **Rights and Remedies** 

15.1 No
 failure or delay by any Party in exercising any right or remedy provided by law or under
 or pursuant to this Agreement shall impair such right or remedy or operate or be construed
 as a waiver or variation of it or preclude its exercise at any subsequent time. No single
 or partial exercise of any right or remedy by any Party shall preclude any other or further
 exercise of such right or remedy or the exercise of any other right or remedy.

15.2 The
 rights and remedies of the Parties under or pursuant to this Agreement are cumulative, may
 be exercised as often as the relevant Party considers appropriate and are in addition to
 their respective rights and remedies under general law.

**16.** **Entire Agreement** 

Subject to any terms implied by law, this Agreement represents the whole and only agreement between the Parties in relation to the subject matter of this Agreement and supersedes any previous agreement (whether written or oral) between all or any of the Parties in relation to the subject matter of any such document save that nothing in this Agreement shall exclude any liability for, or remedy in respect of, fraudulent misrepresentation.

**17.** **Withholding and Grossing-Up** 

17.1 The
 Seller shall pay all sums payable by him under this Agreement free and clear of all deductions
 or withholdings unless the law requires a deduction or withholding to be made. If a deduction
 or withholding is so required the Seller shall pay such additional amount as will ensure
 that the net amount the payee receives equals the full amount which it would have received
 had the deduction or withholding not been required.

17.2 If
 any Tax Authority brings any sum paid by the Seller under or pursuant to this Agreement into
 charge to Tax, then the Seller shall pay such additional amount as will ensure that the total
 amount paid, less the Tax chargeable on such amount, is equal to the amount that would otherwise
 be payable under this Agreement.

**18.** **Notices** 

18.1 Save
 as otherwise provided in this Agreement, any notice, demand or other communication ()"**Notice** ")
 to be given by any Party under, or in connection with, this Agreement shall be in writing
 and signed by or on behalf of the Party giving it. Any Notice shall be served by sending
 it by electronic mail to the email address set out in Clause 18.2, or delivering it by hand
 to the address set out in Clause 18.2 and in each case marked for the attention of the relevant
 Party set out in Clause 18.2 (or as otherwise notified from time to time in accordance with
 the provisions of this Clause 18. Any Notice so served by electronic mail or hand shall be
 deemed to have been duly given or made as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 sent by electronic mail, the time of transmission; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the case of delivery by hand, when delivered,

provided that in each case where delivery by electronic mail or by hand occurs after 6pm on a Business Day or on a day which is not a Business Day, service shall be deemed to occur at 9am on the next following Business Day.

References to time in this Clause are to local time in the country of the addressee.

18.2 The
 addresses, email addresses and fax numbers of the parties for the purpose of Clause 18.1
 are as follows:

---

| | | |
|:---|:---|:---|
| (a) | **Seller** |  |
|  | Address: | 376 Thomson Road, #06-05 Cube 8, Singapore 298130 |
|  | Email: | [●] |

---

---

| | | |
|:---|:---|:---|
| (b) | **Purchaser** |  |
|  | Address: | 3 Fraser Street, #08-21 Duo Tower, Singapore 189352 |
|  | Email: | [●] |

---

For the attention of: Lang CF

18.3 A
 Party may notify the other Parties to this Agreement of a change to its name, relevant addressee
 or address for the purposes of this Clause 18, provided that such notice shall only be effective
 on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 date specified in the notification as the date on which the change is to take place; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 no date is specified or the date specified is less than five (5) Business Days after the
 date on which notice is given, the date following five (5) Business Days after notice of
 any change has been given.

18.4 In
 proving service, it shall be sufficient to prove that the envelope containing such notice
 was properly addressed and delivered to the address shown thereon or, if sent by electronic
 mail, when the sender receives an automated message confirming delivery, as the case may
 be.

**19.** **Costs** 

19.1 The
 Seller shall bear all the costs incurred by the Purchaser in connection with the legal due
 diligence, accountancy and financial due diligence and any other costs related to the preparation,
 negotiation and implementation of this Agreement and the Purchaser shall bear all stamp duties
 in relation to the transfer of the Sale Shares pursuant to this Agreement.

**20.** **Continuing Effect** 

Each provision of this Agreement shall continue in full force and effect after Completion, except to the extent that a provision has been fully performed on or before Completion.

**21.** **Severability** 

If any provision of this Agreement is held by a court of competent jurisdiction to be illegal, invalid or unenforceable in any respect under the law of any jurisdiction, then such provision shall (so far as it is invalid or unenforceable) be given no effect and shall be deemed not to be included in this Agreement but without invalidating any of the remaining provisions of this Agreement. Any provision of this Agreement held invalid or unenforceable only in part or degree will remain in full force and effect to the extent not held invalid or unenforceable. The Parties shall then use all reasonable endeavours to replace the invalid or unenforceable provision(s) by a valid and enforceable substitute provision the effect of which is as close as possible to the intended effect of the invalid or unenforceable provision.

**22.** **Assignment** 

22.1 Subject
 to Clause 22.2, no party shall be entitled to assign the benefit or transfer the burden of
 any provision of this Agreement without the prior written consent of the other Parties, provided
 that the Purchaser may assign and novate the benefit and transfer the burden of this Agreement
 in whole to any Purchaser's Group Entity prior to the Completion.

22.2 All
 or any of the Purchaser's rights under this Agreement (including in respect of the
 Warranties) may (notwithstanding any other provisions contained in this Agreement) be assigned
 or transferred or novated by the Purchaser to, or made the subject of a trust created in
 favour of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 other Purchaser's Group Entity (or by any such Purchaser's Group Entity to or
 in favour of any other Purchaser's Group Entity); and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 person by way of security for borrowings of the Purchaser's Group; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 person as part of a disposal of all or substantially all of the Purchaser's interests
 in the Company.

**23.** **Governing Law and Dispute Resolution** 

23.1 This
 Agreement shall be governed by and construed in accordance with the laws of Singapore.

23.2 In
 the event of any dispute arising out of or in connection with this Agreement, including any
 question regarding its existence, validity or termination (the "**Dispute** "),
 the Parties shall endeavour to settle such Dispute by negotiation within thirty (30) days
 from the date the disputing Party provides a written notice to the other Party detailing
 such Dispute.

23.3 In
 the event that no resolution can be reached through amicable negotiations within thirty (30)
 days of the issuance of a written notice from the disputing Party, the disputing Party may
 initiate mediation proceedings by written notice to the other Party ()"**Mediation Notice** ").

23.4 In
 the event that the Dispute is not resolved within thirty (30) days of the Mediation Notice,
 the Dispute shall be referred to and finally resolved by arbitration administered by the
 Singapore International Arbitration Centre in accordance with the Arbitration Rules of the
 Singapore International Arbitration Centre for the time being in force, which rules are deemed
 to be incorporated by reference in this Clause. This arbitration agreement shall be governed
 by Singapore law. The seat of the arbitration shall be Singapore. The Tribunal shall consist
 of one arbitrator. The language of the arbitration shall be English. The award shall be final
 and binding on the Parties. Judgment upon the award may be entered by any court having jurisdiction
 thereof or having jurisdiction over the relevant Party or its assets.

The Parties have shown their acceptance of the terms of this Agreement by executing it at the end of the Schedules.

**SCHEDULE 1**

**Details of the Company**

---

| | |
|:---|:---|
| **Name of Company:** | **Atoll Discovery Pte. Ltd.** |
| Registration number: | 201703064W |
| Registered office: | 376 Thomson Road, #06-05 Cube 8, Singapore 298130 |
| Date and place of incorporation: | 3 February 2017, Singapore |
| Issued share capital and number of issued shares: | S$100,000 consisting of 100,000 ordinary shares |
| Registered shareholder(s) and shares held: | Steven Kwek Poh Song (Steven Guo Baosong) (100,000 ordinary shares) |
| Director: | Steven Kwek Poh Song (Steven Guo Baosong) |
| Secretary: | Koo Khee Chong |
| Financial year end: | 31 December |
| Auditors: |  |
| Registered Charges: |  |

---

**SCHEDULE 2**

**Conditions Precedent**

Completion is conditional on:

1. the
 results of a due diligence exercise (including but not limited to financial, business, tax,
 legal, regulatory, technical and compliance due diligence) over the business, affairs, operations,
 assets, financial condition, prospects and records of the Company being satisfactory to the
 Purchaser in its absolute discretion;

2. the
 Purchaser obtaining all necessary approvals, waivers or consents as may be required for the
 Transactions (including any management, corporate and/or shareholder approvals, government
 or regulatory consents, anti-trust clearances or notifications), and such approvals, waivers
 or consents not having been revoked, expired, amended or withdrawn on or before the Completion
 Date, and where any such approvals, waivers or consents is subject to conditions, such conditions
 being fulfilled by the relevant date, and such approvals, waivers or consents remaining valid
 and in full force and effect, where applicable;

3. approval
 from the shareholders of the Purchaser for (a) the purchase of the Sale Shares on the terms
 and conditions set out in this Agreement and all transactions contemplated thereby (if required),
 (b) the issue of the Consideration Shares to the Seller in full satisfaction of the Consideration,
 and (c) any other matters contemplated by this Agreement;

4. the
 allotment and issuance of the Consideration Shares not being prohibited by NYSE American
 or any applicable law promulgated or issued after the date of this Agreement by any governmental
 agency (including NYSE American) or elsewhere, which is applicable to the Company and/or
 the Purchaser Group;

5. there
 being no trading halt or suspension of the shares of the Purchaser (which for the avoidance
 of doubt, shall not include any trading halts of the shares of the Purchaser on NYSE American
 made at the request of the Purchaser pending announcements by the Purchaser) or the shares
 of the Purchaser being delisted or subject to any delisting procedures by NYSE American and
 there not having occurred any matter, fact or circumstance that would affect the continued
 listing of the shares of the Purchaser on NYSE American;

6. all
 of the agreements, covenants and obligations of the Seller under this Agreement to be performed
 prior to the Completion (including those set forth in Schedule 3) having been duly performed
 in all respects;

7. all
 Warranties remaining true and accurate in all respects and not misleading in any respect
 as of the Completion Date (by reference to the facts and circumstances then existing);

8. the
 Seller obtaining all necessary approvals, waivers or consents as may be required for the
 Transactions (including any government or regulatory consents, anti-trust clearances or notifications),
 and such approvals, waivers or consents not having been revoked, expired, amended or withdrawn
 on or before the Completion Date, and where any such approvals, waivers or consents is subject
 to conditions, such conditions being fulfilled by the relevant date, and such approvals,
 waivers or consents remaining valid and in full force and effect, where applicable;

9. no
 event or circumstance has occurred including any changes in macro-economic conditions, laws,
 regulations, export duties or prohibitions, tariffs or any other analogous events which affects
 or is likely to affect in a materially adverse manner the business, operations, financial
 position, financial performance or prospects of the Company and as presently carried on,
 or the demand for the products and services of the Company;

10. the
 entry into a legally binding and enforceable services agreement for the provision of rental
 and leasing services by the Company to the significant customers satisfactory to the Purchaser;
 and

11. in
 relation to the hire purchase agreements entered into between the Company and Teck Wei Credit
 Pte. Ltd., the prior written consent of Teck Wei Credit Pte. Ltd.

**SCHEDULE 3**

**Pre-Completion Obligations**

1. The
 Seller undertakes to the Purchaser and shall procure that:

1.1 the
 Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) carry
 on its business in the ordinary and usual course in accordance with all applicable laws,
 regulations and other requirements having the force of law in the same manner as it was operated
 prior to the date of this Agreement (including, for the avoidance of doubt, the payment of
 any Tax and the submission of any return in connection with Tax which is required to be paid
 or submitted on or prior to Completion) and use its best endeavours to maintain its trade
 and trade connections;

(b) take
 all reasonable steps to preserve and protect its business and assets and remove none of its
 physical assets or otherwise dispose of any such physical assets save in the ordinary and
 usual course of business;

(c) settle
 all debts incurred in the ordinary and usual course of business within the applicable periods
 of credit;

(d) enter
 into any transaction with the Seller only on an arm's length basis;

(e) promptly
 give to the Purchaser full details of any material change in its business, financial position
 and/or assets;

(f) maintain
 in force policies of insurance (including motor insurance) with limits of indemnity at least
 equal to, and otherwise on terms no less favourable than, those policies of insurance currently
 maintained by it and not do anything to permit any of its insurances to lapse or do anything
 which would make any policy of insurance void or voidable;

(g) make
 prompt disclosure to the Purchaser of all relevant information which comes to its notice
 in relation to any fact or matter (whether existing on or before the date of this Agreement
 or arising afterwards) which may constitute a breach of any Warranty or any other provision
 of this Agreement;

(h) incur
 and fund all capital expenditures of the Company which are provided for in the Accounts prior
 to Completion;

(i) to
 the extent permitted by law, allow the Purchaser and any persons authorised by it, upon reasonable
 notice and during normal business hours, access to its books and records (including all statutory
 books, minute books, accounts, leases, contracts, supplier lists and customer lists) together
 with the right to take copies of any such documents at the Purchaser's expense and
 subject to an obligation to return such copies on demand if this Agreement is terminated
 for any reason and instruct its Directors and employees to give promptly all such information
 and explanations to any such persons as aforesaid as may be requested by it or them (including
 to facilitate to the extent necessary the Purchaser obtaining all government or regulatory
 approvals, waivers or consents (including anti-trust clearances or notifications required
 by law); and

(j) to
 the extent permitted by law, allow the Purchaser (i) (and any persons authorised by it) reasonable
 access to its premises and management team; and (ii) to appoint an observer to attend meetings
 of the board of directors and/or senior management, for the purposes of conducting transition
 planning activities to allow a smooth transition of the Purchaser into the Business from
 Completion; and

1.2 the
 Company shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) commit
 to any capital expenditure beyond those reflected in its annual business and budget plan
 reviewed by the Purchaser;

(b) issue
 or dispose of or agree to issue or dispose of or grant any option or right of pre-emption
 in respect of the shares of the Company;

(c) acquire
 or agree to acquire or dispose of or agree to dispose of any business or any asset having
 a value in excess of S$500,000 or receive any service otherwise than at market value and
 in its ordinary and usual course of business consistent with past practice;

(d) enter
 into any leasing, hire purchase or other agreement or arrangement for payment on deferred
 terms, except in its ordinary and usual course of business consistent with past practice;

(e) enter
 into, modify, agree to terminate or assign any material contract, agreement, transaction
 or commitment, whether or not legally binding (or make a bid or offer which may lead to a
 contract, agreement, transaction or commitment) or assume any liability, otherwise than in
 the ordinary and usual course of business and consistent with past practice;

(f) effect
 any material change in the practices of ordering supplies, invoicing customers or collecting
 debts from those practices adopted at the date of this Agreement;

(g) acquire
 or form any subsidiary, or acquire any shares in any company or acquire the whole or any
 substantial part of the undertaking, assets or business of any other company or any firm
 or person or enter into any joint venture or partnership with any other person without the
 prior written consent from the Purchaser;

(h) create,
 purchase, redeem, allot or issue any class of share or loan capital;

(i) declare,
 pay or make any dividend or other distribution or do or allow to be done anything which renders
 its financial position less favourable than at the date of this Agreement;

(j) issue,
 allow to come into being, grant or redeem any Encumbrance over any of its assets or undertaking
 otherwise than in the ordinary and usual course of business consistent with past practice;

(k) enter
 into any guarantee, indemnity or surety other than in the ordinary and usual course of business
 consistent with past practice;

(l) borrow
 any money or accept any financial facility or make any payments out of, or drawings on, its
 bank accounts (except routine payments in the ordinary and usual course of business consistent
 with past practice);

(m) do
 any act or enter into any transaction or arrangement which may result in the Company being
 either resident for Tax purposes in a jurisdiction other than its country of incorporation
 or subject to Tax in such a jurisdiction;

(n) acquire
 or dispose of any freehold or leasehold property;

(o) amend
 any insurance contract, fail to notify any insurance claim in accordance with the provisions
 of the relevant policy or settle any such claim below the amount claimed;

(p) appoint
 or employ, or make any offer of appointment or employment to, any new directors, employees
 or consultants at an annual salary or rate of remuneration in excess of S$100,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) make,
 or announce any proposal to make, any material change or addition (whether immediate, conditional
 or prospective) to any terms and conditions of or in respect of employment of its directors
 or employees or to any arrangement with any consultants which could increase the total staff
 costs of the Company (including any change or addition affecting former directors, employees
 or consultants or their dependants), except at or around the time of an annual increase or
 change and for no more than the average rate of increase over the past two (2) Financial
 Years, or the remuneration of any one director or employee or dismiss except for good cause
 any of its directors, employees or consultants or directly or indirectly induce or endeavour
 to induce any such directors, employees or consultants to terminate their employment;

(r) institute,
 settle or agree to settle any legal proceedings relating to its business, save for debt collection
 in the ordinary and usual course of business;

(s) take
 any action which is inconsistent with the provisions of this Agreement or the consummation
 of the transactions contemplated by this Agreement;

(t) do,
 allow or procure any act or omission (in each case save only as may be required to give effect
 to this Agreement) which would constitute or give rise to a breach of any Warranty or any
 other provision of this Agreement; or

(u) agree,
 conditionally or otherwise, to do any of the foregoing.

**SCHEDULE 4**

**Completion**

**Part 1: Seller's Obligations at Completion**

At Completion, the Seller shall deliver to the Purchaser:

1. in
 a form reasonably acceptable to the Purchaser the original share certificates for the Sale
 Shares in the name of the Seller, or to the extent originals are lost or cannot be located,
 an indemnity for lost share certificates signed by the Seller;

2. in
 a form reasonably acceptable to the Purchaser, the share transfer form for the Sale Shares,
 duly executed by him/her in favour of the Purchaser (or as it may direct);

3. the
 Stamp Duty Documents as are required to enable the Purchaser to pay the stamp duty chargeable
 under Singapore law in respect of the transfer of such Sale Shares;

4. all
 such other documents, including such waivers or consents, as the Purchaser may require to
 enable the Purchaser or its nominee to be registered as holders of any of the Sale Shares;

5. duly
 executed waivers of all rights of pre-emption over any of the Sale Shares (in terms satisfactory
 to the Purchaser) referred to in Clause 2.3;

6. a
 duly executed deed of completion certificate signed by the Seller, in the form and manner
 provided for in Schedule 6; and

7. cause
 the Directors to hold a meeting of the board of the Company or by resolutions of the board
 of the Company in writing at which the relevant Directors shall pass resolutions in respect
 of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 approve the transfers of the Sale Shares to the Purchaser, registration of the transfers
 of the Sale Shares and entry of the name of the Purchaser in the electronic register of members
 of the Company, the issue of a new share certificate for the Sale Shares in the name of the
 Purchaser (subject to receipt of duly executed share transfers and payment of any applicable
 stamp duty), the cancellation of the existing share certificates and any other acts required
 to give effect to the Transactions contemplated in the Transaction Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 appoint as a director each person nominated by the Purchaser to be a director of the Company,
 subject to those nominees each providing a duly signed consent to act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 other action taken pursuant to the Transactions contemplated under the Transaction Agreements.

**Part 2: Purchaser's Obligations at Completion**

At Completion, the Purchaser shall:

1. procure
 to deliver to the Seller the share certificates in respect of the Consideration Shares registered
 in the name of the Seller and procure that the securities accounts of the Seller be credited
 with the relevant number of Consideration Shares pursuant to Clause 3.2; and

2. deliver
 to the Seller a duly executed counterpart of any document delivered by the Seller on Completion
 which requires execution by the Purchaser and all other documents and things required by
 this Agreement to be delivered by the Purchaser to the Seller on Completion.

**SCHEDULE 5**

**Warranties**

1. **INFORMATION** 

1.1 Quality,
 accuracy and adequacy of information

All information contained in this Agreement (including but not limited to the Recitals and Schedules) and all other information contained in any written document or written or oral communication which has been given by or on behalf of the Company or the Seller or by any of the directors, officers, professional advisers or any other agent of the Company to any of the officers, employees, representatives or professional advisers of the Purchaser in the course of the negotiations or due diligence leading to this Agreement was when given and considered in light of all other information so provided true, complete and accurate in all respects and there is no fact or matter or circumstance not Disclosed in writing to the Purchaser or its professional advisers which renders or would render any such information untrue, incomplete, inaccurate or misleading in any respect or the disclosure of which might reasonably affect the willingness of the Purchaser to purchase the Sale Shares, or the price at or terms upon which the Purchaser would be willing to purchase them is true, complete and accurate and not misleading in any respect.

1.2 Disclosure

Complete and accurate disclosure has been made of all matters which are or could, on reasonable enquiry, be known to the Seller and which are necessary to qualify the statements made in this Schedule 5 in order for such statements, when so qualified, to be complete, accurate and not misleading.

2. **THE SELLER** 

2.1 Power
 to contract

The Seller is of sound mind and has full power, authority and capacity to enter into and perform the Transaction Agreements and each of the terms under the Transaction Agreements constitutes or will, when executed, constitute valid and legally binding obligations on the Seller enforceable in accordance with its terms, and the execution and delivery of, and the performance by the Seller of his obligations under the Transaction Agreements (including without limitation, the transfer of all his interests, direct or indirect, in the Company) will not result in a breach of any law, rule, regulation, ordinance, order, judgment or decree of or undertaking to any court, government body, statutory authority or regulatory, administrative or supervisory body (including without limitation, any relevant stock exchange or securities council) or deed or agreement to which he is a party or by which he or his assets are bound, whether in Singapore or elsewhere. The Seller is fully solvent and able to pay his debts as and when they become due and payable, there is no petition presented for declaring him bankrupt, no bankruptcy order has been made or petition presented against him and no person has threatened to present such an order or petition, nothing has occurred under the law of any jurisdiction which has a substantially similar effect to any of the events described in this paragraph.

2.2 Authorisations

The Seller has obtained all applicable governmental, statutory, regulatory or other consents, licences, waivers or exemptions required to empower him to enter into and to perform his obligations under this Agreement.

3. **THE COMPANY** 

3.1 Duly
 constituted

The Company has been duly incorporated and is validly existing and in good standing under the law of the place of its incorporation. The Company has full powers and authority to own its assets and to conduct the business being carried on by it.

3.2 Constitution

The constitution of the Company is accurate, complete and up-to-date in all respects, and contains full details of the rights and restrictions attached to the share capital of the Company. At all times, the business and affairs of the Company has been and continues to be conducted in accordance with its constitution.

3.3 Statutory
 and other books and records

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 register of members and all other statutory books of the Company have been properly maintained
 in accordance with all applicable laws and regulations and are complete and up to date and
 contain true, full and accurate records of all matters required to be dealt with therein.

(b) The
 minutes of the meetings of the board of directors of the Company are up-to-date and contain
 true, full and accurate records of all matters required to be dealt with in them.

(c) All
 annual or other returns in relation to the Company required by law or regulation to be registered
 or filed with or delivered to the relevant authorities have been duly and properly filed
 within the prescribed time limit.

(d) The
 Company has complied with all legal requirements relating to the issue of shares and the
 Company has not received notice of any application or intended application for the rectification
 of its register of members, or any other register that it is required by law to maintain.

(e) The
 Company has complied in all respects with the requirements of all other statutes, regulations
 or laws binding on it as to the keeping of records and filing of documents with any other
 agency or authority and the conduct of its business and affairs generally.

(f) The
 Company has not been subjected to any fines, penalties, sanctions or other enforcement actions
 by the relevant authorities for any failure to comply with mandatory filings or registrations
 requirements under applicable laws.

3.4 No
 records outside Company's control

The Company does not have any of its records, systems, controls, data or information recorded, stored, maintained, operated or otherwise wholly or partly dependent on or held by any means (including any electronic, mechanical or photographic process whether computerised or not) which (including all means of access) are not under the exclusive ownership and direct control of the Company or its authorised service providers.

3.5 Original
 documents in possession of Company

All documents of title relating to the assets of the Company and an executed copy of all material agreements to which the Company is a party are in the possession of the Company.

3.6 All
 charges registered

All Encumbrances granted to or by the Company have (if required or permitted) been registered in accordance with all applicable laws on each applicable register and such registrations are true, accurate and complete or comply with all necessary formalities as to registration or otherwise in any jurisdiction.

4. **SHARE CAPITAL** 

4.1 Shares
 allotted and fully paid

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 of the shares in the capital of the Company are validly allotted and issued and fully paid
 or properly credited as fully paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Seller is the legal and beneficial owner of the Sale Shares, and all the Sale Shares are
 free from any Encumbrances together with all rights and benefits attaching thereto as at
 the Completion Date and no other person has or shall have any rights of pre-emption over
 the Sale Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Sale Shares will comprise forty per cent. (40%) of the Company's issued and paid-up
 share capital on Completion.

4.2 No
 options, etc.

No person has the right (whether exercisable now or in the future and whether contingent or not) to call for the allotment, conversion, issue, sale or transfer of any share or loan capital or any other security giving rise to a right over the capital of the Company under any option or other agreement (including conversion rights and rights of pre-emption) and there are no Encumbrances on the Sale Shares registered in the Seller's name or any arrangements or obligations to create any Encumbrances on the Sale Shares registered in the Seller's name.

4.3 No
 Obligations

Except for the obligations resulting from this Agreement, there are no obligations with respect to any of the Sale Shares, for example pursuant to a trust, shareholders' or voting agreements or agreements restricting the transfer of the Sale Shares or the payment of dividends, or agreements pursuant to which approval therefore is required. No restrictions on the transfer of the Sale Shares are in effect other than those set forth in the constitution of the Company.

4.4 Commissions

No person is entitled to receive from the Company any fee, brokerage or commission in connection with this Agreement or anything contained herein.

4.5 No
 interest in other entities

As at Completion Date, the Company does not have any interest in any other entity.

5. **CONNECTED BUSINESS** 

5.1 No
 interest in other companies

The Company is not, and has not agreed to become, the holder or beneficial owner of any class of any shares, debentures or other securities of any company anywhere in the world.

5.2 No
 shareholders' agreement

The Company is not a party to any shareholders' agreement or similar arrangement or agreement which purports to regulate, control or otherwise affect the voting or disposition of its shares.

5.3 No
 branches outside jurisdiction of incorporation

The Company does not have any place of business or branch or permanent establishment or assets outside its jurisdiction of incorporation.

5.4 Seller
 not interested in other related businesses

The Seller is not either on his own account or in conjunction with or on behalf of any person, firm or company engaged, concerned or interested, directly or indirectly, whether as shareholder, director, partner, agent or otherwise in any business of a similar nature to or competitive with that carried on by the Company, or which has a close trading relationship with the Company, other than owning one per cent. (1%) or less of the shares of a publicly held corporation, provided such holding is only a passive portfolio holding for investment purposes (where the Seller does not exercise an active role in the operational direction or management of the relevant entity).

 ****

6. **ACCOUNTING AND RECORDS** 

6.1 Accounting
 records

All the books, ledgers and accounting and other financial records of the Company required to be kept by law or Relevant Accounting Standards:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) have
 been fully, properly and accurately kept and completed in accordance with the requirements
 of law and Relevant Accounting Standards; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) are
 up to date and in the sole possession and ownership of the Company.

6.2 Accounting
 reference date

The accounting reference date of the Company has been, during the last three (3) years, the date specified in Schedule 1.

6.3 The
 Last Accounts

The Last Accounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) are
 complete and accurate in all respects;

(b) give
 a true and fair view of the assets and liabilities, financial position and state of affairs
 of the Company as at the Last Accounting Date and of their profits or losses for the Financial
 Year (or applicable accounting period) ended on the Last Accounting Date;

(c) disclose
 and make full provision or reserve for all actual liabilities;

(d) disclose
 and make full provision or reserve for (or note in accordance with all Relevant Accounting
 Standards) all contingent, unquantified or disputed liabilities, all capital commitments
 and deferred Tax;

(e) disclose
 and make full provision for depreciation and amortisation and for any obsolescence of assets;

(f) comply
 with all the requirements of all relevant laws and all Relevant Accounting Standards and
 in all other respects have been prepared in accordance with generally accepted accounting
 principles and practices in the relevant jurisdiction;

(g) are
 not affected by any extraordinary, exceptional, unusual or non-recurring item, by changes
 or inconsistencies of accounting policies or practices, by transactions entered into otherwise
 than on normal commercial terms or in the ordinary course of business, which are not otherwise
 Disclosed in the Last Accounts;

(h) are
 not affected by any event or circumstance rendering the profit or loss of the Company unusually
 high or low;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) make
 full provision or reserve for all Tax in respect of all accounting periods ended on or before
 the Last Accounting Date for which the Company was then or might at any time thereafter become
 or have become liable including Tax:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on
 or in respect of or by reference to the profits, gains or income for any period ended on
 or before the Last Accounting Date;

(ii) in
 respect of any event on or before the Last Accounting Date provided for in the Last Accounts;
 and

(iii) in
 respect of distributions declared, made or deemed to be made on or before the Last Accounting
 Date or provided for in the Last Accounts; and

(iv) disclose
 and make full provision adequate to cover all bad and doubtful debts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) have
 been prepared using bases, policies, principles, practices, methods and techniques which
 are fully consistent with those used in preparing the Accounts for each of the three (3)
 Financial Years preceding the Financial Year ended on the Last Accounting Date.

 ****

6.4 Debts

(a) Debt
 provisions and write-offs

The Last Accounts contain adequate provision for doubtful debts and all bad debts have been written off.

(b) Debts
 in the Accounts

The amount of the receivables included in the Last Accounts as owing to the Company at the Last Accounting Date, less any provision for doubtful debts in the Last Accounts, has been recovered in full or are collectible for their full amounts, including any accrued interest, and within the respective credit terms granted by the Company, and are not subject to any counterclaim or set-off except to the extent described or provided for in the Last Accounts.

(c) Related
 parties' debts

There are no debts or liabilities owed or owing by the Seller to the Company and there are no debts or liabilities owed or owing by the Company to the Seller.

6.5 Other
 transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) There
 are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no
 loans, guarantees, material undertakings, material commitments on capital account or unusual
 liabilities, actual or contingent, made, given, entered into or incurred by or on behalf
 of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no
 Encumbrances on the assets of the Company or any part thereof,

which are not otherwise provided for in the Last Accounts.

6.6 Related
 party transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Apart
 from the sale of services to [ ], there has not been any agreement
 or arrangement (legally enforceable or not) between, on the one hand, the Company and, on
 the other hand, (i) the Seller, (ii) the Seller's Affiliates, (iii) any shareholder,
 director, officer or manager of the Company, the Seller or any of their Affiliates, or (iv)
 any person connected with any of them (including immediate family members).

(b) No
 shareholder of the Company is a party to any contract or arrangement in which the Company is interested, directly or indirectly,
 financially or otherwise, nor has there been any such contract or arrangement at any time.

(c) The
 Company is not a party to, nor has its profits or financial position been affected by, any contract or arrangement which is not entirely
 of an arm's length nature.

6.7 Valuation
 of stocks

The stock-in-trade, stock in transit and work-in-progress was included in the Last Accounts at figures not exceeding the amounts which could in the circumstances existing at the Last Accounting Date respectively, reasonably be expected to be realised in the ordinary and usual course of carrying on the businesses of the Company.

7. **POSITION SINCE LAST ACCOUNTING DATE** 

7.1 Since
 the Last Accounting Date, the Company has carried on its business in the ordinary, regular and normal course and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) there
 has been no material adverse change in the business, assets, condition (financial or otherwise), liabilities, results or operations
 or trading position or in the prospects of the Company and no event, fact or matter has occurred which is likely to give rise to
 any such change, and there has been no damage, destruction or loss (whether or not covered by insurance) affecting the same;

(b) there
 has been no interruption or alteration in the nature, scope or manner of the Company's business which business has been carried
 on lawfully and in the ordinary and usual course of business so as to maintain it as a going concern;

(c) the
 Company has paid all its creditors within any agreed time for payment and no amounts (other than what is payable within the agreed
 time for payment) are owed by the Company;

(d) no
 unusual trade discounts or other special terms have been incorporated into any contract entered into by the Company;

(e) the
 Company has not repaid any borrowing or indebtedness in advance of its stated maturity nor has it become bound or liable to do so;

(f) the
 Company has not borrowed any money or accepted any financial facility or made any payments out of, or drawings on, its bank accounts
 except routine payments in the ordinary and usual course of business;

(g) the
 Company has not, except in the ordinary course of business, acquired, sold, transferred or otherwise disposed of any assets of whatsoever
 nature;

(h) the
 Company has not cancelled, waived, released, compromised, assigned or discontinued any rights, debts or claims except in the ordinary
 and usual course of its business consistent with past practice;

(i) the
 Company has not done anything to permit any of its insurances to lapse or do anything which would make any policy of insurance void
 or voidable;

(j) no
 credit notes have been issued to customers except in the normal course of business and there are no extraordinary credit terms granted
 to customers;

(k) no
 contract, liability or commitment (whether in respect of capital expenditure or otherwise) has been entered into by the Company which
 is of a long term or unusual nature or which involved or could involve an obligation of a material nature or magnitude;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the
 Company has not engaged or dismissed any employee or director earning a rate of remuneration, including benefits and bonuses, in
 excess of S**$100,000** per annum and the Company is under no contractual or other obligation to change the terms of service of
 any director, executive or employee;

(m) no
 sum or benefit has been paid or granted or agreed to be paid or granted to any executive, director or employee of the Company by
 way of remuneration, bonus, incentive or otherwise in excess of the amounts paid or granted to them by the Company at the Last Accounting
 Date so as to increase their total emoluments;

(n) the
 Company has not made, or announced any proposal to make, any material change or addition (whether immediate, conditional or prospective)
 to any terms and conditions of or in respect of employment of its directors or employees or to any arrangement with any consultants
 which could increase the total staff costs of the Company (including any change or addition affecting former directors, employees
 or consultants or their dependants) by more than S$100,000 per annum or the remuneration of any one director or employee by more
 than S$100,000 per annum or dismissed except for good cause any of its directors, employees or consultants or directly or indirectly
 induced or endeavoured to induce any such directors, employees or consultants terminated their employment;

(o) the
 Company has not dismissed except for good cause any of its directors, employees or consultants or directly or indirectly induced
 or endeavoured to induce any such directors, employees or consultants to terminate their employment;

(p) (except
 for any dividends provided for in the Last Accounts) no dividends, bonuses or other distributions have been declared, paid or made
 by the Company;

(q) no
 share or loan capital of the Company has been allotted or issued or agreed to be allotted or issued nor has any option or right there
 over been granted;

(r) the
 Company has not acquired or agreed to acquire or dispose of or agreed to dispose of any business or any material asset or received
 any service otherwise than at market value;

(s) the
 Company has not entered into any leasing, hire purchase or other agreement or arrangement for payment on deferred terms other than
 in the ordinary and usual course of its business consistent with past practice;

(t) the
 Company has not entered into, modified, agreed to terminate or assigned any material contract, agreement, transaction or commitment,
 whether or not legally binding (or made a bid or offer which may lead to a contract, agreement, transaction or commitment) or assumed
 any liability, otherwise than in the ordinary and usual course of business;

(u) the
 Company has not effected any material change in the practices of ordering supplies, invoicing customers or collecting debts;

(v) the
 Company has not acquired or formed any subsidiary, or acquired any shares in any company or acquired the whole or any substantial
 part of the undertaking, assets or business of any other company or any firm or person or entered into any joint venture or partnership
 with any other person or other unincorporated association or consortium;

(w) the
 Company has not issued, allowed to come into being, granted or redeemed any Encumbrance, and there are no facts or circumstances
 that could result in the creation of an Encumbrance, over any of its assets or undertaking otherwise than in the ordinary and usual
 course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the
 Company has not undergone any capital reorganisation or change in its capital structure;

(y) no
 resolution of the members of the Company has been passed (whether in general meeting or otherwise) other than in the ordinary and
 usual course of business consistent with past practice;

(z) the
 Company has not carried out or entered into any transaction and no other event has occurred in consequence of which (whether alone
 or together with any one or more transactions or events occurring before on or after the date hereof) any liability to Tax of the
 Company has arisen or will or may arise (or would have arisen or would or might arise but for the availability of any relief, allowance,
 deduction or credit) other than corporation tax on actual income (and not chargeable gains or deemed income) of the Company arising
 from transactions entered into in the ordinary course of business;

(aa) the
 Company has not done any act or entered into any transaction or arrangement which may result in it being either resident for Tax
 purposes in a jurisdiction other than its country of incorporation or subject to Tax in such a jurisdiction;

(bb) no
 payment has been made by the Company which will not be deductible for corporation tax purposes either in computing the profits of
 the Company or in computing the corporation tax chargeable on the Company;

(cc) all
 transactions between the Company and the Seller have been on arm's length terms;

(dd) the
 Company has not acquired or disposed of any freehold or leasehold property;

(ee) the
 Company has not instituted, settled or agreed to settle any legal proceedings relating to its business, save for debt collection
 in the ordinary and usual course of business;

(ff) there
 has been no material reduction in the cash balances of the Company from those set out in the Last Accounts;

(gg) the
 Company has not entered into any guarantee, indemnity or surety other than in the ordinary and usual course of business consistent
 with past practice;

(hh) the
 Company is able to collect its debts and receivables as they fall due and there are no extraordinary doubtful or bad debts; and

(ii) there
 have been no capital injections from or forgiveness of debt by the Seller.

8. **FINANCIAL MATTERS** 

8.1 All
 dividends lawful

All dividends and distributions declared, made or paid by the Company at any time were, when declared, made or paid, in accordance with the requirements of general law and the constitution of the Company.

8.2 Borrowing

(a) Banking and other facilities <br>Full details of and copies of all relevant documentation relating to the indebtedness of the Company are contained in the Last Accounts.

(b) Borrowing within limits <br>The aggregate indebtedness of the Company does not exceed any maximum stipulated in any debenture, charge or other document binding on the Company.

(c) Debts owed to the Company <br>There are no debts owing to the Company other than trade debts incurred in the ordinary and usual course of business.

8.3 No
 early repayment of indebtedness

There has not occurred any event of default or any other event or circumstance which would entitle any person to call for early repayment under any agreement relating to any indebtedness or to enforce any security given by the Company (or, in either case, any event or circumstance which with the giving of notice and/or the lapse of time and/or a relevant determination would constitute such an event or circumstance).

8.4 No
 liability to affiliates or employees

There is no outstanding indebtedness or liability (actual or contingent) between the Company and the Seller or between the Company and any directors, officers or employees of the Company or the Seller or any relatives or controlled companies of any such persons and no security for any such indebtedness or liability has been given and remains outstanding.

8.5 No
 guarantees, etc.

There is not outstanding any agreement or arrangement which establishes any guarantee, indemnity, suretyship, form of comfort or support (whether or not legally binding):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) given
 by the Company in respect of the obligations or solvency of any third party;

(b) given
 by any third party in respect of the obligations or solvency of the Company;

(c) given
 by the Seller in respect of any liability of the Company; or

(d) given
 by the Company in respect of the obligations or solvency of the Seller.

8.6 No
 derivatives

The Company has not entered into any derivative contracts.

8.7 Working
 capital sufficient for purpose

Having regard to existing bank and other financial facilities, the Company has sufficient working capital available to it to enable it to continue to carry on its business in its present form and at its present level of turnover and for the purpose of performing in accordance with their terms all orders, projects and other obligations and discharging all liabilities which ought properly to be discharged.

9. **CONTRACTUAL MATTERS** 

9.1 Effect
 of executing the Transaction Agreements

The execution of and compliance with the terms of the Transaction Agreements will not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) contravene,
 conflict with or result in a breach of or default under the terms of any subsisting deed, agreement, arrangement or instrument binding
 on the Company;

(b) cause
 the Company to lose the benefit of any right, licence or privilege it enjoys at present or cause any person who normally does business
 with the Company not to continue to do so on the same basis as previously done;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) result
 in any liability of the Company being created or increased; or

(d) result
 in any present or future indebtedness of the Company becoming due or payable or capable of being declared due and payable prior to
 its date of maturity.

9.2 Significant
 customers and suppliers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Significant
 customers

[ ] are the major customers of the Company comprising approximately 100 per cent. (100%) of the aggregate value of all revenue in a Financial Year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No
 loss of significant customers

During the period of 12 months prior to the date of this Agreement, the terms of trade of the Company with each of the significant customer the Company have not significantly changed to the detriment of the Company. The Seller is not aware that any circumstances (including the provision of any notices of termination or cancellation by the significant customers to the Company) indicating a cessation or substantial reduction in trade or change in terms of dealing as described above is likely after Completion.

9.3 Characteristics
 of contracts

There is no outstanding contract, liability or arrangement to which the Company is a party or by which it is bound which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is
 outside the ordinary course of business of the Company;

(b) is
 of a long-term nature (that is to say, unlikely to be fully performed within twelve (12) months of it being entered into);

(c) is
 otherwise than by way of a bargain at arm's length;

(d) restricts
 the Company's freedom of action in relation to its normal business activities; or

(e) is
 any other agreement or arrangement having or likely to have a negative material effect on the financial or trading position of the
 Company.

9.4 Compliance
 with contractual terms

With respect to each contract, liability or arrangement to which the Company is a party or by which it is bound:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Company has duly performed and complied in all material respects with each of its obligations there under and is not in breach of
 any material terms or conditions thereunder;

(b) there
 has been no delay, negligence or other default on the part of the Company and no event has occurred which, with the giving of notice
 or passage of time, may constitute a default thereunder;

(c) there
 are no grounds for invalidity, rescission, avoidance, repudiation or termination and the Company has not received or given any notice
 of termination;

(d) none
 of the other parties thereto is in default or is likely to become in default thereunder and there has been no delay, negligence,
 omission or other default on the part of any such party and no event has occurred which, with the giving of notice or passage of
 time, may constitute a default thereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) there
 are no actual or contingent claims against the Company.

9.5 The
 terms of all licences, concessions, agencies, franchises and agreements of whatsoever nature to which the Company is a party have
 been duly complied with by all the parties thereto and to the best of the knowledge of the Seller, there are no circumstances likely
 to give rise to any breach of such terms.

9.6 Agency,
 distribution, etc.

The Company is not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 member of, or party to, any association, partnership, joint venture, consortium, profit or loss sharing arrangement or agency, licensing,
 marketing, distributorship, or purchasing arrangement; or

(b) a
 party to any arrangement or agreement pursuant to which the Company's freedom to purchase and supply services from and to any
 person and to carry on its business in any part of the world is in any way affected or restricted.

9.7 Vulnerable
 antecedent transactions

The Company has not at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) entered
 into any transaction at an undervalue with any other person;

(b) been
 given any preference by any other person; or

(c) entered
 into any other transaction which is void or voidable (whether in whole or in part) or received any benefit or acquired any asset
 which is or may be liable to be returned or repaid (whether in whole or in part).

9.8 No
 claims arising

There are no claims (whether actual or contingent) by the Seller, any customers, suppliers, or any other third party against the Company which have arisen or which will potentially arise as a result of the Company's breach or alleged breach of any contract or agreement.

10. **ASSETS** 

10.1 Title
 to assets

All of the assets owned by the Company (including the 76 motor vehicles of the Company) as stated in Schedule 7 of this Agreement are the sole, absolute property of the Company and there is no outstanding Encumbrance over the whole or any part of the undertaking, property or assets of the Company and none of the assets now owned or used by the Company is the subject of any Encumbrance or any hire purchase, lease hire, leasing, lease, purchase or credit or conditional sale agreement, agreement for payment on deferred terms or is the subject of any licence or factoring arrangement apart from the Hire Purchase Agreements.

For the purpose of this Clause 10.1, "Hire Purchase Agreements" refer to 76 hire purchase facilities entered into between the Company and various financial institutions in connection with the financing of the motor vehicles of the Company.

 ****

10.2 Possession
 and third party facilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 of the assets owned by the Company, or in respect of which the Company has a right of use, are in the possession or under the control
 of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where
 any assets are used but not owned by the Company or any facilities or services are provided to the Company by any third party, there
 has not occurred any event of default or any other event or circumstance which may entitle any third party to terminate any agreement
 or licence in respect of the provision of such facilities or services (or any event or circumstance which with the giving of notice
 and/or the lapse of time and/or a relevant determination would constitute such an event or circumstance).

10.3 Condition
 of motor vehicles

All the vehicles used by the Company in the conduct of its business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) are
 in a good and safe state of repair and condition, are in good working order and have been regularly and properly maintained in accordance
 with the appropriate technical specifications, safety regulations and the terms and conditions of any applicable agreement;

(b) are
 capable of performing properly the function for which they are currently used or intended;

(c) are
 not surplus to the Company's requirements;

(d) have
 obtained the required certificates; and

(e) are
 not dangerous, obsolete or in need of renewal or expected to require replacement or additions within one (1) year following Completion,
 wear and tear excepted.

11. **LITIGATION** 

11.1 No
 litigation

No litigation, prosecution, arbitration, mediation or other proceedings or any governmental investigations or enquiries relating to the Company is on foot, has arisen or is current. In addition, no such litigation, prosecution, arbitration, mediation or other proceedings or governmental investigations or enquiries are pending or threatened, by or against the Company, nor are there any circumstances likely to lead to any such litigation, prosecution, arbitration, mediation or other proceedings, governmental investigations or enquiries.

11.2 All
 judgements paid

The Company has paid in full all amounts it was required to pay under any judgments, orders, rulings, declarations, decrees, decisions or awards of any court, tribunal, arbitrator or government agency relating to prior disputes and there is no unsatisfied settlement of proceedings in any court, tribunal or arbitration.

12. **INSOLVENCY ETC.** 

12.1 Company
 not insolvent

The Company is fully solvent and able to pay its debts as and when they fall due, there is no petition presented for declaring it insolvent, no bankruptcy order has been made or petition presented against it and no person has threatened to present such an order or petition.

12.2 No
 winding up

No order has been made, petition presented or meeting convened for the purpose of considering a resolution for the winding up of the Company or for the appointment of any provisional liquidator. No petition has been presented for an administration order to be made in relation to the Company, and no judicial manager, administrator or receiver (including any administrative receiver) has been appointed in respect of the whole or any part of any of the property, assets and/or undertaking of the Company.

12.3 No
 composition, etc.

No composition in satisfaction of the debts of the Company, or scheme of arrangement of its affairs, or compromise or arrangement between it and its creditors and/or members or any class of its creditors and/or members, has been proposed, sanctioned or approved.

12.4 No
 distress, etc.

No distress, distraint, charging order, garnishee order, execution or other process has been levied or applied for in respect of the whole or any part of any of the property, assets and/or undertaking of the Company.

12.5 Analogous
 events

No events or circumstances analogous to any of those referred to in the preceding Paragraphs 12.1 to 12.4 have occurred in any jurisdiction.

12.6 No
 circumstances likely to give rise to breach

No circumstances exist which are likely to give rise to the occurrence of any events or circumstances described in the preceding Paragraphs 12.1 to 12.5.

12.7 Statutory
 Capitalisation

The Company is adequately and sufficiently capitalised in accordance with all applicable laws and is not in a position of negative equity. The Seller is not aware of any fact or circumstance where additional equity is required to be injected into the Company on or after Completion to comply with applicable laws or otherwise.

13. **POWERS OF ATTORNEY** 

The Company has not given any powers of attorney or other authority express, implied or ostensible which is still outstanding or effective to any person to enter into any contract or commitment to do anything on its behalf other than the authority of employees to enter into routine trading contracts in the normal course of their duties.

14. **REGULATORY MATTERS** 

14.1 Licences

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company has obtained all licences, certifications, permissions, authorisations and consents required for carrying on its business
 effectively in the places and in the manner in which such business is now carried on (including but not limited to the relevant business
 and signboard licences and certificate for accommodation).

(b) The
 licences, permissions, authorisations and consents referred to in Paragraph 14.1(a) are in full force and effect, are not subject
 to any unusual or onerous conditions and have been complied with in all material respects.

(c) There
 are no circumstances which indicate that any of the licences, permissions, authorisations or consents referred to in Paragraph 14.1(a)
 will be suspended, cancelled or revoked or not renewed, in whole or in part, in the ordinary course of events (whether as a result
 of the acquisition of the Sale Shares by the Purchaser or otherwise).

(d) The
 Company has not received any process, notice or other communication (formal or informal) by or on behalf of any governmental or regulatory
 authority in relation to the validity of the licences, permissions, authorisations or consents referred to in Paragraph 14.1(a) and/or
 any non-compliance with the terms and conditions thereof.

14.2 Compliance
 with laws

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company has conducted its business and corporate affairs in accordance with its constitutional documents and in all material respects
 in compliance with all applicable laws and regulations (whether of Singapore or any other jurisdiction).

(b) The
 Company is not in breach of any order, decree, award, ruling, declaration, decision or judgement of any court, tribunal, arbitrator
 or any governmental or regulatory authority (whether of Singapore or any other jurisdiction) including but not limited to any competition
 commission or other anti-trust authority of any jurisdiction.

(c) No
 commissions, discounts, rebates or other inducements, whether of cash or in kind, have been given by the Company or its officers
 or employees where the same are capable of forming the basis of criminal prosecution of, or civil action against, the Company or
 any of its officers or employees.

(d) The
 Company has not received any process, notice or other communication (formal or informal) by or on behalf of any authority having
 jurisdiction in competition or anti-trust matters in relation to any aspect of the business of the Company or any agreement, arrangement,
 concerted practice or course of conduct to which the Company is, or is alleged to be, a party.

(e) The
 Company is not subject to any order, judgement, award, decree, ruling, declaration, decision or direction given by any court, tribunal,
 arbitrator or governmental or regulatory authority, or party to any undertaking or assurance given to any such court, tribunal, arbitrator
 or authority, in relation to competition or anti-trust matters.

14.3 Anti-Corruption

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For
 the purposes of this Paragraph 14.3, the following words and expressions shall have the following meanings:

"**Anti-Bribery Laws**" means any national anti-bribery laws, rules and regulations thereunder applicable to the Company, as well as any laws related to anti-bribery laws, such as laws relating to secret commissions and political donations, breach of trust or embezzlement (including the United States Foreign Corrupt Practices Act and the United Kingdom Bribery Act 2010).

"**Government Authority**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 national, autonomic, territorial or local government, any political subdivision thereof, or any local jurisdiction therein;

(ii) any
 administrative, monetary, fiscal or judicial body, department, commission, authority, tribunal, agency or entity, whether civilian
 or military, of any of the above, however constituted;

(iii) a
 political party;

(iv) a
 public organisation, being an organisation whose members are (i) countries or territories; (ii) governments of countries or territories;
 and/or (iii) other public international organisations and includes, without limitation, the World Bank, the United Nations, the International
 Monetary Fund and the Organisation for Economic Co-operation and Development (OECD); or

(v) any
 company, association, organisation, business, enterprise or other entity which is owned, whether in whole or in part, or controlled
 by any person listed in (i) to (iv) above.

"**Public Official**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) an
 employee, officer or representative of, or any person otherwise acting in an official capacity for or on behalf of, a Government
 Authority, including such persons which have otherwise been appointed to serve with a public authority or other agency or have been
 commissioned to perform public administrative services regardless of the organisational form chosen to fulfil such duties;

(vii) a
 person holding a legislative, administrative or judicial position of any kind, regardless of whether elected or appointed, of a Government
 Authority;

(viii) an
 officer of, or individual who holds a position in, a political party;

(ix) a
 candidate for political office;

(x) an
 individual who holds any other official, ceremonial or other appointed or inherited position with a Government Authority; or

(xi) an
 individual who exercises a public function for or on behalf of a country or territory or for any public agency or public enterprise
 of that country or territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither
 the Company nor any employee, agent, director or officer of the Company has at any time taken any action, directly or indirectly,
 in violation of Anti-Bribery Laws, and the Company has not expressly, tacitly or impliedly
 authorised or permitted such conduct .

(c) Neither
 the Company nor any employee, agent, directors, or officers of the Company has, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) offered,
 promised or granted;

(ii) assisted
 in offering, promising or granting; or

(iii) induced
 or authorised another person to offer, promise or grant,

an employee or agent of a business a benefit (money or any other advantage) for such employee or agent or for a third person in a business transaction as consideration for such employee or agent according the Company an unfair preference in the purchase of commercial services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Neither
 the Company nor any employee, agent, directors, or officers of the Company has, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) demanded,
 agreed to receive or accepted;

(ii) assisted
 in demanding, agreeing to receive or accepting; or

(iii) induced
 or authorised another person to demand, to agree to receive or to accept,

a benefit (money or any other advantage) for himself or another in a business transaction as consideration for according an unfair preference to another in the purchase of commercial services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Neither
 the Company nor any employee, agent, directors, or officers of the Company has, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) offered,
 promised or granted;

(ii) assisted
 in offering, promising or granting; or

(iii) induced
 or authorized another person to offer, promise or grant,

a benefit (money or any other advantage) to a Public Official, for that person or a third person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) for
 the discharge of a duty; or

(v) in
 return for the fact that the Public Official performed or will in the future perform an official act and thereby violated or will
 violate his official duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Neither
 the Company nor any employee, agent, directors, or officers of the Company ()"**Offeror**") has directly or indirectly
 offered, paid, promised to pay or authorised the payment of any money, or offered, given, promised to give or authorised the giving
 of anything of value, to any Public Official or to any person under circumstances where such Offeror knew or was aware of a high
 probability that all or a portion of such money or thing of value would be offered, given or promised, directly or indirectly, to
 any Public Official, for the purpose of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) influencing
 any act or decision of such Public Official in his official capacity;

(ii) inducing
 such Public Official to do or omit to do any act in violation of his lawful duty;

(iii) securing
 any improper advantage;

(iv) inducing
 such Public Official to influence or affect any act or decision of any Government Authority; or

(v) assisting
 the Company in obtaining or retaining business for or with, or directing business to, the Company.

15. **FAIR TRADING AND RESTRICTIVE PRACTICES** 

15.1 No
 contravention of anti-trust legislation

The Company is not a party to (i) any agreement, arrangement, concerted practice or course of conduct nor is it carrying on any practice which in whole or in part contravenes or is void or unenforceable under any competition legislation or equivalent laws in any other applicable jurisdiction where the Company has assets or carries on business, or which may render the Company liable to proceedings under any laws concerning competition; (ii) any agreement or arrangement or business practice in respect of which an undertaking has been given by or an order made against or in relation to it under any competition, anti-trust or similar legislation in any jurisdiction in which it carries on business or has assets or sales; or (iii) any agreement or arrangement or business practice in respect of which any request for information, statement of objections or similar matter has been received from any court, tribunal or relevant authority.

15.2 No
 notification of contravention of anti-trust legislation

The Company has not received any notification that proceedings under any applicable anti-trust law have been initiated nor are any such proceedings contemplated by the Seller or any of the directors of the Company nor has any claim been made or threatened alleging any competition legislation or anti-trust law contravention.

16. **INSURANCE** 

16.1 The
 Company has maintained all such insurance policies as are prescribed (i) by law; and (ii) by contracts entered into with third parties.

16.2 All
 assets of the Company of an insurable nature have at all times been and are insured in amounts to the full replacement value thereof
 against such risks as are in accordance with good commercial practice normally insured against. The Company has at all times been
 adequately covered against accident, third party, public liability, worker injury and other risks normally covered by insurance and
 nothing has been done or omitted to be done by or on behalf of the Company which would make any policy of insurance unenforceable,
 void or voidable or enable the insurers to avoid the same and there are no circumstances likely to give rise to such a claim or result
 in an increased rate of premium.

16.3 In
 respect of all insurance policies maintained by the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 premiums have been duly paid to date;

(b) all
 the policies are in force and are not voidable on account of any act, omission or non-disclosure on the part of the insured party;

(c) none
 of the policies have been cancelled by the insurers and no application in respect of insurance policies has been rejected;

(d) there
 are no previous or existing disputes or contentions with the insurers over the scope of insurance coverage or insurance pay-outs;

(e) there
 are no special or unusual terms or restrictions, the premiums payable are not in excess of the normal rates and no circumstances
 exist which are likely to give rise to any increase in premiums or refusal to renew any existing coverage; and

(f) no
 claim is outstanding, unpaid, in dispute, or has been rejected, and no circumstances exist which are likely to give rise to any claim.

16.4 The
 Company has not suffered any uninsured losses nor waived any rights of material or substantial value or allowed any insurances to
 lapse.

17. **EMPLOYMENT WARRANTIES** 

17.1 Definitions

For the purposes of this Paragraph 17, the following words and expressions shall have the following meanings:

"**Employees**" means those persons employed by the Company; and

"**Employment Law**" means all and any laws, common law, statutes, directives, recommendations, regulations, notices, codes of practice, guidance notes, judgments, decrees or orders, whether of Singapore or any other relevant jurisdiction, relating to or connected with the employment of Employees and workers and/or their health and safety at work, including applicable tax and superannuation laws.

17.2 Trade
 Union

The Company is not a party to or is involved in any current or proposed negotiation or bargaining process in relation to any industrial instrument, enterprise agreement, or agreement (including any collective agreement) with, or demand from, a trade union or industrial organisation in respect of the Employees and their employment, and no awards or workplace agreements apply to any Employees.

17.3 Disputes

Neither the Company or any of its worksites is or has been at any time within the three (3) years preceding the date of this Agreement involved in any industrial dispute with any Employees or contractors of the Company, and there are no circumstances likely to give rise to any strike or industrial or trade dispute or any dispute or negotiation regarding a claim of material importance with any Employee, contractor, trade union, other registered or unregistered association of employees, or other similar organisation or other body (in any such case whether or not recognised by the Company for collective bargaining or other negotiating purpose) representing Employees or former Employees of the Company.

17.4 Breaches
 of applicable law

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company has not breached any material obligations imposed on it by any relevant statutes, regulations, instruments, collective agreements,
 recognition agreements and all contractual obligations applying to the jurisdiction in which such entity is incorporated or carries
 on business which are owed to or in respect of its Employees.

(b) Neither
 the Company nor any of its agents are in violation of laws or regulations regarding reporting, dispatch employees, minimum wage requirements,
 occupational diseases, withholding or payment obligations in relation to salaries, Tax, individual income taxes, social insurances,
 medical insurance for Employees, work injury compensation insurance, statutory housing funds, wages, work hours, eligibility for
 and payment of overtime compensation, worker classification (including the proper classification of independent contractors and consultants),
 collective bargaining, unemployment insurance, workers' compensation, immigration, employment discrimination, disability rights,
 equal opportunity, leaves of absence and workplace safety and health standards.

(c) The
 Company is in compliance with employment quotas of foreign workers under Employment Law and retains control and supervision of all
 its foreign Employees and such Employees are under the Company's direct employment.

(d) The
 Company has not received any notice of breaches, fines, warnings, sanctions and penalties in relation to any non-compliance with
 foreign worker quotas.

(e) All
 Employees and any individual providing services to the Company are legally entitled to work in the jurisdiction in which they are
 providing services to the Company.

(f) There
 has been no claim or allegation of any acts of bribery or graft by any existing or former Employees, secondees, directors, consultants,
 agents or other individuals under any applicable laws and, so far as the Seller and the Company are aware, no such person would have
 reason to bring such a claim.

(g) The
 Company has not employed any Employee or engaged any secondee or individual below the mandatory minimum age under Employment Law.

(h) The
 Company has not engaged in any unfair labour practices, and there are no unfair labour practice complaints pending against the Company
 before any labour board or any other governmental or regulatory authority.

17.5 Employee
 information and service contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company has provided a true and complete list of (i) all Employees of or consultants to the Company as of the date of the Agreement,
 (ii) in the case of such Employees, the position, base compensation payable, bonus opportunity, date of hire, and employment status
 for each such individual, and (iii) in the case of each such consultant, the consulting rate payable to such individual.

(b) There
 are no existing service or other agreements or contracts between the Company and any of their directors or executives or employees
 which cannot be lawfully terminated by three (3) calendar months' notice or less without giving rise to any claim for damages,
 reinstatement or compensation (other than a statutory redundancy payment or statutory compensation for unfair dismissal or, in either
 case, the equivalent in any relevant jurisdiction), and the Company has complied with all its obligations under all legislation,
 regulations and other requirements having the force of law (including codes, orders and awards) in connection with its employees,
 directors and consultants and any trade unions and employees' representatives and with all collective agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No
 changes to the agreements or contracts with the directors of the Company or referred to in Paragraph 17.5(b) above have been made
 or proposed whether by the Company or director or Employee or consultant since the Last Accounting Date.

17.6 Liabilities
 to and for Employees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) There
 are no amounts owing to any present or former directors or Employees of the Company other than remuneration accrued for work done
 on a monthly basis due or for the reimbursement of business expenses and no directors or Employees of the Company have given or been
 given notice terminating their contracts of employment.

(b) The
 Company has not made or agreed to make any payment to or provided or agreed to provide any benefit for any present or former director
 or Employee which is not allowable as a deduction for the purposes of Taxation.

(c) The
 Company does not have outstanding any undischarged liability to pay to any governmental authority in any jurisdiction any Taxation
 (including but not limited to road tax), contribution or other impost arising in connection with the employment or engagement of
 Employees or directors by it.

(d) Save
 to the extent (if any) to which provision or allowance has been made in the Accounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no
 liability has been incurred by the Company for breach of any contract of service or for services, for redundancy payments (including
 protective awards) or for compensation for wrongful dismissal or unfair dismissal or for failure to comply with any order for the
 reinstatement or re-engagement of any Employee; and

(ii) no
 gratuitous payment has been made or promised by the Company in connection with the actual or proposed termination or suspension of
 employment or variation of any contract of employment of any present or former director or Employee.

(e) There
 are no claims pending or threatened, or capable of arising, against the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by
 an Employee or workman or third party, in respect of an accident or injury which is not fully covered by insurance; or

(ii) by
 an Employee or director in relation to his terms and conditions of employment or appointment.

17.7 Termination
 of employment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company has not given or received any notice of termination from the Chief Executive Officer, the Chief Operating Officer and the
 Chief Financial Officer, terminating his or her employment or engagement.

(b) There
 have been no proposals made by the Company to terminate the employment of any Employee or engagement of any contractor listed in
 Paragraph 17.7(a) above.

(c) No
 liability which remains undischarged has been incurred by the Company for breach of any Employment Law in relation to, or contract
 of employment or engagement with, any Employee or contractor or prospective employee or contractor, including redundancy payments,
 protective awards, compensation for wrongful dismissal, unfair dismissal or for failure to comply with any order for the reinstatement
 or re-engagement of any Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Company has not agreed to make any payment or agreed to provide any benefit to any Employee, contractor or former Employee or contractor
 or any dependent of any such persons in connection with the proposed termination or suspension of employment or engagement or variation
 of any contract of employment or engagement of any such Employee, contractor or former Employee or contractor.

17.8 Mandatory
 Contributions

All deductions, contributions (including social security, applicable allowance, annuity, lump sum, pension, premium or other payments or benefits of any kind and superannuation contributions that the Company is obliged to make under legislation, any applicable contracts of employment or engagement and industrial instruments) and any other payments required under applicable law to be made by the Company in relation to the remuneration of its Employees, contractors and to any relevant competent authority have been so made in full and on a timely basis.

17.9 Variation
 of terms of employment

The Company is not involved in negotiations (whether with employees or any trade union or other employees' representatives) to vary the terms and conditions of employment or engagement of any of its Employees, directors or consultants, nor has it made any representations, promises, offers or proposals to any of its Employees, directors or consultants or to any trade union or other Employees' representatives concerning or affecting the terms and conditions of employment or engagement of any of its Employees, directors or consultants.

17.10 Incentive
 schemes

The Company has not introduced, nor is it proposing to introduce, any share incentive scheme, share option scheme or profit sharing, bonus, commission or other such incentive scheme for any of its directors or Employees.

17.11 Pensions,
 grants and employment schemes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) There
 are not in existence nor has any proposal been announced to establish any retirement, death or disability schemes for directors or
 Employees nor are there any obligations to or in respect of present or former directors or Employees with regard to retirement, death
 or disability pursuant to which the Company is or may become liable to make payments and no person or retirement or sickness gratuity
 is currently being paid or has been promised by the Company to or in respect of any former director or former Employee.

(b) No
 grants, subsidies and allowances have been applied for or received by the Company from any governmental authority and there are no
 grounds upon which any such grant, subsidy or allowance or any part thereof could be liable to be repaid or recovered whether by
 reason of Completion or otherwise.

17.12 Benefits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company has discharged its obligations in full in relation to salary, wages, fees, commission, bonuses, overtime pay, incentive payments,
 holiday pay, annual leave pay, employees' compensation payments, sick pay, social insurance, statutory housing fund, annual
 leave compensation, work injury or disability-related payments or allowances, statutory severance and all other benefits and emoluments
 relating to its existing and former Employees, secondees, directors and consultants in respect of all prior periods in accordance
 with Employment Law including all related payments to third party benefit providers and relevant authorities.

(b) With
 respect to the Employees, the Company is not liable for any payment to any fund or any governmental authority with respect to social
 security for any amounts other than payments not yet due, in each case under any applicable provisions of any Company benefit plan
 and any other applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Company has provided a list of all employee benefit plans and all bonus, stock option, stock purchase, incentive, deferred compensation,
 pension, director or employee loan, fringe benefit, supplemental retirement, profit sharing, severance, vacation, time off or similar
 benefit plans to which the Company is a party, with respect to which the Company has any obligation or which are maintained, contributed
 to or sponsored by Company for the benefit of any current or former Employee, officer or director of the Company.

17.13 Claims

No circumstances have arisen or exist under which the Company may be required to pay damages or compensation or suffer any penalty or be required to take corrective action or be subject to any form of sanction under Employment Law. There are no current, pending or threatened claims of any type against the Company by any existing or former employees or directors of the Company or by any existing or former consultants to the Company. The Company has provided all Employees who have sustained work related injuries with the full work injury entitlements to which they are entitled under relevant laws.

17.14 Training
 schemes

The Company is not a party to any scheme or programme relating to the temporary or permanent engagement or training of any Employees under which it receives any subsidy or financial assistance from any government body.

17.15 Effect
 of completion

Completion will not give rise to the payment of any remuneration, payments or benefits or any enhancements or accelerations thereof to any Employee whether in accordance with the standard terms and conditions of employment of such Employee or otherwise.

17.16 Work
 place injury incidents

There have not been any fatalities or work place injury incidents for the past five (5) years.

18. **ENVIRONMENTAL WARRANTIES** 

18.1 Compliance
 with Environmental Laws

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company is currently fully complying with all Environmental Laws and has at all times fully complied with all Environmental Laws.

(b) No
 material work, repairs, remediation, construction or capital expenditure is either currently required or, based on current circumstances,
 likely to be required under any Environmental Laws or in order to carry on lawfully the business of the Company.

(c) There
 have not been any material incidents of radioactive steel being discovered as a result of any tests performed.

18.2 Permits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 Permits required by the Company for the lawful conduct of the Business have been obtained and are in full force and effect and the
 terms and conditions have been complied with at all times.

(b) No
 circumstances currently exist which may result in liability under Environmental Laws arising out of any failure to hold any Permit.

18.3 Notice
 of Claims

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At
 no time has the Seller or the Company had knowledge of and/or received any notice, claim, demand or other communication alleging
 any actual or potential liability under Environmental Laws.

(b) There
 has not been any complaint from, or dispute with, any regulator or any other third party regarding the Company.

(c) There
 has been no health and safety claims or notifiable accidents since incorporation of the Company, and the Seller is not aware of any
 possible claims for motor vehicle related claims from employees of the Company of any third parties.

19. **PROPERTY WARRANTIES** 

19.1 The
 Company has no right of ownership, right of use, option, right of first refusal or contractual obligation to purchase, or any other
 legal or equitable right affecting any land or buildings.

20. **TAX WARRANTIES** 

20.1 Returns,
 information and clearances

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 information, returns, computations, notices, elections and choices which are or have been required to be made or given by the Company
 for any Taxation purpose (i) have been made or given within the requisite periods of within permitted extensions of such periods
 and on a proper basis and are up-to-date and correct; (ii) none of them are, or are likely to be, the subject of any dispute with
 any Tax Authority; and (iii) are valid and effective.

(b) The
 Company is in possession of sufficient information to enable it to compute its liability to Taxation or claim any waiver or relief
 from Taxation insofar as it depends on any transaction occurring on or before Completion.

(c) The
 Company has not applied for any consent or clearance from, or entered into any arrangement or agreement with, any Tax Authority.

(d) All
 information required to be provided to any Tax Authority has been provided within the requisite period or within a permitted extension
 of such period and is full and accurate. All information required to be provided to any Tax Authority has been provided within the
 requisite period or within a permitted extension of such period and is full and accurate.

(e) No
 transaction has been effected since the Last Accounting Date by the Company in respect of which any consent or clearance from any
 governmental authorities was required or was or could have been sought (i) without such consent or clearance having been validly
 obtained before the transaction was effected, (ii) otherwise than in accordance with the terms or and so as to satisfy any conditions
 attached to such consent or clearance, and (iii) otherwise than at a time when and in circumstances in which such consent or clearance
 was valid and effective.

(f) All
 particulars furnished to any governmental authorities, in connection with the application for any consent or clearance by the Company,
 made since the Last Accounting Date fully and accurately Disclosed all facts and circumstances material to the decision of any such
 authorities.

(g) There
 are no circumstances that have arisen since any application for any such consent or clearance was made which might reasonably be
 expected to cause such consent or clearance to be or become invalid or to be withdrawn by any Tax Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The
 Company has not since the Last Accounting Date taken any action which has had, or will have, the result of altering, prejudicing
 or in any way disturbing any arrangement or agreement which it has previously had with any Tax Authority.

(i) No
 Tax Authority in a jurisdiction where the Company has never paid Tax or filed Tax returns has asserted or can assert that the Company
 is or may be subject to Tax assessed by such jurisdiction or is required to file Tax returns in such jurisdiction.

(j) The
 Company is not or has not been in dispute with or subject to enquiry or investigation by any Tax Authority and there are no facts
 or circumstances likely to give rise to or be the subject of any such dispute, enquiry or investigation.

(k) No
 Tax return, election, computation, choice or notice lodged or filed by the Company contains the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 false or misleading statement, or omits to refer to a matter which is required to be included or without which the statement is false
 or misleading; or

(ii) a
 material error or a material omission relating to the assessment of a Tax liability of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Any
 ruling, determination or election requested, received or made by the Company or in respect of Tax:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has
 been Disclosed to the Purchaser; and

(ii) has
 at all times been complied with by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) No
 agreement extending the period for assessment or collection of any Tax of the Company has been executed or filed with any Tax Authority.

(n) The
 Company has not taken any action which does or might adversely affect or prejudice an arrangement or agreement with a Tax Authority
 or a Tax ruling from a Tax Authority under any Tax law.

(o) All
 registrations required to be maintained by the Company with any Tax Authority in relation to Tax are and have at all times been maintained
 by the Company.

(p) The
 Company has not entered into or been a party to an arrangement, agreement or indemnity whereby it is liable to reimburse or indemnify
 another party in respect of Tax.

(q) The
 Company is not liable to pay, reimburse or indemnify a person for Tax relating to an act or omission which occurs on or before the
 Completion Date because of the failure of another person to discharge that Tax.

(r) The
 Company is not, or has not at any time been, a member of any group that is consolidated for Tax purposes or that could otherwise
 give rise to a liability on the Company for Tax referable to an entity other than the Company.

(s) The
 acquisition of the Sale Shares will not give rise to any Tax liability for the Company.

20.2 Penalties
 and interest

Neither the Company nor any director or officer of the Company has paid, or become liable to pay, nor are there any circumstances because of which the Company is likely to become liable to pay, any fine, penalty, surcharge or interest charged by virtue of any other statutory provision relating to Taxation.

20.3 Taxation
 claims, liabilities and reliefs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without
 prejudice to any other provision of this Agreement, there is no liability to Taxation in respect of, as a result of or in consequence
 of any claim for Taxation which has been made or may hereafter be made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 respect of or arising from any transaction effected or deemed to have been effected on or before Completion; or

(ii) by
 reference to any income, profits or gains earned, accrued or received on or before Completion,

except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to
 the extent that provision or reserve specifically in respect thereof was made in the Accounts;

(2) in
 respect of Taxation attributable to transactions arising out of the ordinary course of the normal trading of the Company since the
 Last Accounting Date; and

(3) to
 the extent that such claim arises as a result only of any provision or reserve in respect thereof being insufficient by reason of
 any (i) any increase in rates of Tax, (ii) any change in law or in the published practice of any Taxing authority, (iii) any change
 in accounting practice or principles or any change in the bases on which the Accounts are prepared, or (iv) any change in the date
 to which the Company makes up its Accounts, in each case made after the Completion Date,

and there are no circumstances likely to give rise to such a liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Company is not liable to pay, or make reimbursement or indemnify in respect of, any Taxation (or amounts corresponding thereto) in
 consequence of the failure by any other person to discharge that Taxation within any specified period or otherwise, where such Taxation
 relates to a profit, income or gain, transaction, event, omission or circumstance arising, occurring or deemed to arise or occur
 (whether wholly or partly) prior to Completion.

(c) No
 relief (whether by way of deduction, reduction, set-off, exemption, postponement, roll-over, repayment or allowance, or otherwise)
 from, against or in respect of any Taxation has been claimed and/or given to the Company which could or might be effectively withdrawn,
 postponed, restricted, clawed back or otherwise lost as a result of any act, omission, event or circumstance arising or occurring
 at or at any time after Completion.

(d) The
 Company does not own and has not agreed to acquire, any asset, nor has received or agreed to receive any services or facilities (including,
 without limitation, the benefit of any licences or agreements), the consideration for the acquisition or provision of which was or
 will be in excess of its market value, or otherwise than on an arm's length basis.

(e) The
 Company has not disposed, and has not agreed to dispose, of any assets, nor has provided or agreed to provide any services or facilities
 (including, without limitation, the benefit of any licences) which was or will be less than its market value, or otherwise than on
 an arm's length basis.

(f) No
 asset owned by the Company has at any time since its acquisition by the Company been subject to a reduction in value such that any
 allowable loss arising on its disposal is likely to be reduced or eliminated or any chargeable gain arising on its disposal is likely
 to be increased.

20.4 Payment
 of taxes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 Tax assessed or imposed by any government or governmental authority which have been assessed upon the Company and which are due and
 payable on or before Completion have been paid and were paid on or before the relevant due date for payment.

(b) There
 is no further liability or contingent liability for Taxation otherwise than as a result of trading activities in the ordinary course
 of its business.

20.5 Deductions
 from payments

The Company has made all deductions, withholdings and remittances in respect, or on account, of any Tax from any payments made by it, including interest, annuities or other annual payments, royalties, rent, compensation or remuneration payable to employees or sub-contractors, payments to persons not known to be resident in Singapore for Tax purposes, mandatory employee benefits, social security contributions, medical benefits and housing and other subsidies, bonus and welfare funds, old age insurance, work-related injury insurance, unemployment insurance or other social insurance benefits and trade union funds, which it is obliged or entitled to make and has duly accounted in full to the appropriate authority for all amounts so deducted or withheld. No payment has been made by the Company which will not be deductible for corporation Tax purposes either in computing the profits of the Company or in computing the corporation Tax chargeable on the Company.

20.6 Anti-avoidance
 provision

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company has not since its incorporation engaged in, or been a party to, any transaction or series of transactions or scheme or arrangement
 of which the main purpose, or one of the main purposes, was or could be said to be the avoidance of, or deferral of or a reduction
 in the liability to, Taxation.

(b) The
 Company has not been a party to or involved in any transaction or series of transactions which, or any part of which, may for any
 Tax purposes be disregarded or reconstructed because of any motive to avoid, reduce or delay a possible Tax liability.

(c) The
 Company is not and has not at any time been the subject of an investigation, discovery or access order by or involving any Tax Authority
 and there are no circumstances existing which make it likely that an investigation, discovery or order will be made.

20.7 Stamp
 duty

In relation to stamp duty or other documentary Tax assessable or payable in Singapore or elsewhere in the world, in respect of any agreement, document or transaction to which the Company has been a party as at the date of this Agreement and, as at the Completion Date, save for the stamp duty that is payable upon the execution of this Agreement, all stamp duty or other documentary Tax assessable or payable on agreements, documents or transactions in the enforcement of which the Company may be interested (whether now or in the future) have been duly paid and no document belonging to the Company now or at Completion which is subject to ad valorem stamp duty or documentary Tax is or will be unstamped or unpaid or insufficiently stamped or paid; nor has any relief from such duty or Tax been improperly obtained, nor has any event occurred as a result of which any such duty or Tax from which the Company has obtained relief, has become payable.

All documents to which the Company is a party or which form part of the Company's title to any asset owned or possessed by it or which it may need to enforce or produce in evidence in the courts of Singapore have been duly submitted for adjudication (where appropriate) and duly stamped with the stamp duty being paid in full within the requisite period.

20.8 Goods
 and Service Tax

The Company has complied in all material respects with all statutory requirements, orders, provisions, directions or conditions relating to goods and services Tax, including (for the avoidance of doubt) the terms of any agreement reached with the relevant Taxing authorities, and the Company is not subject to any liabilities or obligations under the law relating to goods and services Tax in respect of or by reference to any supplies, deemed supplies or transactions for any period up to and including Completion.

20.9 Tax
 residence

The Company has not done any act or entered into any transaction or arrangement which may result in it being resident for Tax purposes in any jurisdiction other than the jurisdiction in which it was incorporated. The Company has been a Tax resident nowhere else at all times since its incorporation and at Completion.

20.10 Payment
 of taxes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 Taxes assessed or imposed by any government or governmental authority for which the Company is or was liable and which are due and
 payable on or before Completion have been paid and were paid on or before the relevant due date for payment.

(b) There
 is no further liability or contingent liability for Tax otherwise than as a result of trading activities in the ordinary course of
 its business.

20.11 Tax
 records

The Company has preserved and retained in its possession complete and accurate records relating to its Tax affairs as required by law.

20.12 There
 are no circumstances that could cause any Taxing authority to make any adjustments to the terms on which any arrangement is treated
 as being made for Tax purposes (including transfer pricing purposes).

20.13 The
 Company has not been a party to any non-arm's length transaction or been a party to or involved in any transaction, scheme
 or arrangement, which will cause any anti-avoidance provisions of any Tax law to apply or which will allow a Taxing authority, acting
 reasonably, to apply any such anti-avoidance provisions.

20.14 There
 are no capital gains tax or capital allowance payable in respect of any agreements or arrangements arising prior to or on Completion
 and the Company has not sought capital gains tax relief with respect to any asset acquired and still owned by it.

20.15 The
 Company has not incurred any liabilities to make any repayments to any party by way of reimbursements, recharges, indemnity or damages
 connected with Taxation which is not otherwise adequately provided for in the Last Accounts.

21. **INFORMATION TECHNOLOGY AND DATA PROTECTION WARRANTIES** 

21.1 Definitions

For the purposes of this Paragraph 21.1, the following words and expressions shall, unless the context requires otherwise, have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Company Systems**" means the computer and data processing systems and information technology and telecommunications systems owned,
 used in or for the business of the Company including hardware, Software (whether proprietary or third party owned), networks, data
 storage devices, printers, Visual Display Units (VDUs), firmware, dedicated power supplies, cabling, peripherals and associated preparatory
 materials, user manuals and other documentation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Software** "
 means any form of computer program, including applications and operating systems, and whether in source, object or machine-readable
 form.

21.2 Information
 Technology

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company Systems are either owned by, or properly licensed or leased to the Company, such that the Company has all right, title and
 interest in and to the Company Systems or valid and subsisting rights to use the Company Systems on terms and conditions no less
 favourable than those applying as at the date of this Agreement, and there are no circumstances in which such ownership, benefit,
 or right to use the Company Systems may be lost by virtue of the Transactions.

(b) The
 Company Systems are functioning properly and in accordance with all specifications. There have been no material failures or breakdowns
 of any of the Company Systems, or corruption of any data, in the last 24 months. The Company Systems are adequate to enable the Company
 to carry on its business and are covered under current maintenance and support agreements.

21.3 Data
 Protection

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company has followed and complied with all applicable law relating to privacy, or the collection, handling, storage, use and disclosure
 of data or personal information, including any data protection guidelines, regulations, industry standards, codes of practice or
 conduct or other documents approved or issued by any government authority.

(b) In
 particular and without prejudice to the generality of the foregoing, the Company has observed all of its obligations in relation
 to transfer of personal data outside Singapore and other relevant jurisdictions.

(c) No
 notice or allegation has been received by the Company from a competent authority alleging that the Company has not complied with
 any applicable data protection laws.

(d) No
 individual has claimed, and no grounds exist for an individual to claim, compensation from the Company for breaches of applicable
 data protection laws.

22. **INTELLECTUAL PROPERTY** 

22.1 For
 the purposes of this Paragraph 22, **"Company Platforms"** means the websites currently accessible at the domain names
 registered by the Company.

22.2 The
 Company's Business does not deploy and is not reliant upon any mobile applications.

22.3 The
 Company owns all right, title and interest in, free of any Encumbrance, or has valid and subsisting rights to use, on terms and conditions
 no less favourable than those applying at the date of this Agreement (as the case may be) the trademarks, business names, domain
 names, logos, trade secrets, proprietary information and knowledge, technology, databases, copyright, software, service platforms
 (including any services used by it on a software-as-a-service, platform-as-a-service and infrastructure-as-a-service basis), licenses
 and franchisees and formulas, formulations or rights with respect thereto necessary or used for the Business as is now being operated
 (including the scale and standard of quality in which its online platforms (including their mobile apps and web-based platforms)
 are being operated and deployed to end-users) which are material to the Business ()"**Intellectual Properties** ").

22.4 All

 (collectively, "**Internal Developers**") for or on behalf or in contemplation of the Company: (i) during the course
 of such employee's or contractor's employment or engagement with the Company; (ii) prior to the inception of the Company;
 and/or (iii) prior to the commencement of such employee's or contractor's employment or engagement with the Company,
 have been duly and validly assigned to the Company, free of any Encumbrances. None of the Internal Developers is or has been in default
 or breach of any material term of their employment agreement or contract of engagement, development agreement or any other agreement
 relating directly to any Intellectual Properties.

22.5 The
 use of the Intellectual Properties as is being used by the Company does not infringe and/or breach or affect the intellectual property
 rights, including moral rights, of any person.

22.6 There
 are no legal proceedings, disputes or claims of any kind including any litigation, arbitration, infringement and/or passing off actions
 filed or threatened against the Company in relation to the Intellectual Properties, and the Company has not received any cease and
 desist notice in relation to the Intellectual Properties, and there are no circumstances under which such a notice may be issued
 or which could give rise to any such legal proceedings, disputes or claims.

22.7 There
 is and has been no misuse of Know-how by the Company and the Seller has not made any disclosure of Know-how to any person other than
 the Purchaser, except properly and in the ordinary and usual course of business and on the basis that such disclosure is to be treated
 as being of a confidential character. For the purpose of this provision "Know-how" means confidential industrial and
 commercial information and techniques in any form including, without limitation, trade secret, drawings, formulae, recipes, test
 results, reports, project reports and testing procedures, instruction and training manuals, tables of operating conditions, market
 forecasts, lists and particulars of customers and suppliers.

22.8 No
 moral rights have been asserted or are likely to be asserted, which would affect the use of any of the Intellectual Properties by
 the Company.

22.9 The
 domain names being **atoll.sg** constitute all of the domain names, websites and social media accounts of the Business. The Company
 has a right to use, and has paid all applicable fees in respect of, each such website and social media accounts (as applicable).
 The Company has not in the three (3)-year period ended on the date of this Agreement received any written notice that the operation
 of, or content of, any such domain names, websites or social media accounts in relation to the Business fails to comply with any
 applicable laws. The Company does not use any domain names or operates any websites or social media accounts that are not owned by
 or validly licensed to and registered to the Company, and such ownership, licence or registration rights are in good standing and
 transferable to the Purchaser.

 ****

**Schedule 6**

**Form of Deed of Completion Certificate**

To:

**RYDE GROUP LTD.**

3 Fraser Street

#08-21 Duo Tower

Singapore 189352

Attention: **[●]**

**Sale and Purchase of 40,000 shares in the paid-up and issued share capital of Atoll Discovery Pte. Ltd.**

Dear Sirs,

**1.** **Introduction** 

I, Steven Kwek Poh Song (Steven Guo Baosong) refer to the sale and purchase agreement dated **[●]** in relation to the sale and purchase of 40,000 shares in the issued share capital of Atoll Discovery Pte. Ltd. ("**Agreement**"). Capitalized terms used but not defined herein shall have the meaning ascribed to them under the Agreement.

**2.** **Confirmations** 

I hereby confirm that:

(i) the
 Warranties remain true and accurate in all material respects and not misleading in any material respect, as if repeated at any time
 before and on the Completion Date, by reference to the facts and circumstances then existing;

(ii) there
 have been no breaches of any covenants, undertakings and agreements required to be performed or caused to be performed by the Seller
 under the Agreement on or before the Completion Date;

(iii) as
 of the Completion Date, there has not been any injunction, restraining order or other order or any other legal or regulatory restraint
 or prohibition issued or made by any court of competent jurisdiction or any other governmental authority which (i) prevents the consummation
 of the Transactions or which has or would have the effect of making the purchase of the Sale Shares void, illegal or otherwise prohibiting
 its completion or effectiveness; or (ii) adversely affects in any material respect the Purchaser's ability to exercise full
 rights of ownership of the Sale Shares or the Purchaser's rights under the Agreement;

(iv) the
 Seller has duly complied with all Tax reporting and filing obligations in connection with the Transactions as required by all applicable
 laws and regulations;

(v) there
 has been no breach by the Seller of any of the terms and conditions of the Agreement;

(vi) the
 execution and performance of the Agreement by the Seller is not prohibited or restricted, curtailed, hindered, impaired or otherwise
 affected by any relevant statute, order, rule, directive or regulation promulgated by any legislative or regulatory body or authority
 after the date of the Agreement;

(vii) at
 all times, on and from the date of the Agreement until the Completion Date (inclusive of both dates) there has not been any material
 adverse change to assets, business, financial condition, financial performance, prospects or results of operations of the Company
 as a whole having occurred;

(viii) there
 has not been any litigation, winding up (whether initiated by creditors or otherwise), judicial management, receivership, administration,
 arbitration, prosecution, scheme of arrangement or other legal proceedings having been instituted, announced or threatened by or
 against or remaining outstanding against the Company which could have a material adverse effect on the Company; and

(ix) the
 Seller has obtained all necessary approvals, waivers or consents as may be required for the Transactions (including any government
 or regulatory consents, anti-trust clearances or notifications).

**3.** **Acknowledgement** 

I recognise that losses and damages, whether tangible or intangible, shall result to the Purchaser in the event of a false or misleading confirmation in this Deed. I shall indemnify and reimburse the Purchaser for any costs, claims, demands or liabilities of whatsoever nature arising directly or indirectly out of a false or misleading confirmation (whether knowingly or intentionally represented or not) under this Deed. Nothing in this Deed shall be construed as prohibiting the Purchaser from pursuing any other remedies available to it, either at law or in equity.

**4.** **Third Party Rights** 

A person who is not a party to this Deed has no rights under the Contracts (Rights of Third Parties) Act 2001 of Singapore.

**5.** **Governing Law and Jurisdiction** 

This Deed shall be governed by and construed in accordance with the laws of Singapore. Any dispute arising out of or in connection with this Deed shall be resolved in accordance with Clause 23 (Governing Law and Dispute Resolution) of the Agreement.

EXECUTED and DELIVERED as a DEED:-

by **Steven Kwek Poh Song**

    <br> Steven Kwek Poh Song Witness <br> Name:

**Schedule 7**

**List of Assets**

**IN WITNESS WHEREOF** this Agreement has been entered into the day and year first above written.

**<u>THE SELLER</u>**

---

| | |
|:---|:---|
| SIGNED by **Steven Kwek Poh Song**) |  |
| **(Steven Guo Baosong)** |  |
| in the presence of:) |  |
|  | Signature |
| Witness's signature |  |
| Name: |  |
| Address: |  |
| **<u>THE PURCHASER</u>** |  |
| Signed for and on behalf of) |  |
| **RCSR PTE. LTD.**) |  |
| in the presence of:) |  |
|  | Signature |
| Witness's signature |  |
| Name: |  |
| Address: |  |
| **<u>RYDE GROUP LTD.</u>** |  |
| Signed for and on behalf of) |  |
| **RYDE GROUP LTD.**) |  |
| in the presence of:) |  |
|  | Signature |
| Witness's signature |  |
| Name: |  |
| Address: |  |

---

**Exhibit 99.1**

**Ryde Bets Big on EVs: Acquires 40% Stake in Atoll to Expand EV Footprint in Singapore**

**Move aligns with Singapore's Green Plan 2030 and positions Ryde as a major player in Southeast Asia's EV transition**

![](ex99-1_001.jpg)

**SINGAPORE, June 18, 2025 – Ryde Group Ltd (NYSE American: RYDE) ("Ryde'' or the "Company")**, a technology company with a leading platform for mobility and quick commerce in Singapore, today announced the acquisition of a strategic 40% shareholding in **Atoll Discovery Pte Ltd ("Atoll")**, a Singapore-based electric vehicle (EV) rental company. This investment marks a significant milestone in Ryde's commitment to sustainable urban transportation and positions the Company to capitalize on the growing EV market in Singapore.

Ryde's investment in Atoll, which operates a fleet of close to 100 fully electric BYD vehicles, comes as the city-state ramps up its transition to a low-emission transport ecosystem, including a plan to roll out 60,000 EV charging points and phase out internal combustion engine (ICE) vehicles by 2040.

**Strategic Entry: Capitalizing on the EV boom in Singapore**

Singapore's EV market is projected to reach USD 564 million by 2030, growing at a compound annual growth rate (CAGR) of 27.46%, according to industry forecasts. Government incentives, rising environmental awareness, and new infrastructure developments are all fueling demand — a trend Ryde is clearly intent on riding.

**"This acquisition represents an exciting next step in our journey toward building a cleaner and smarter mobility future in Singapore,"** said **Terence Zou, Founder, Chairman and CEO of Ryde Group**. **"Our 40% stake in Atoll gives us strategic access to the EV rental market, expanding our green mobility footprint without diverting resources from our core business. It's a prudent move with a clear upside — revenue growth, sustainability, and long-term value creation."**

**With Atoll's strong operational base and industry veteran Steven Kwek at the helm**, Ryde expects to gain a strategic foothold in a critical growth sector.

**Strategic Benefits and Revenue Growth**

**Founded in 2017,** Atoll has established itself as a **key player in Singapore's EV rental sector,** supplying vehicles to major industry partners including **Singapore Electric Vehicles Pte Ltd ("SEV") and other major car rental platform.** Atoll is helmed by Steven Kwek, a veteran in the automotive sector with over 25 years of experience and an established track record in EV adoption and fleet operations.

This acquisition by **Ryde is expected to act as an indirect revenue growth driver,** providing opportunities for deeper integration of EVs into its own ride-hailing fleet and enhancing operational flexibility. Importantly, the 40% non-controlling stake allows Ryde to benefit from Atoll's upside while minimizing the risks associated with direct ownership in a capital-intensive segment.

**Complementing RydeGreen Program - Driving EV Growth in Singapore**

Atoll's collaboration with SEV — already a strategic partner under Ryde's RydeGreen Program — strengthens synergies across the Company's EV initiatives. The RydeGreen Program, launched in December 2024, is Ryde's flagship sustainability effort aimed at introducing an additional 1,200 EVs by 2027. In partnership with SEV, the program supports affordable leasing for driver-partners, a growing EV charging network, and green incentive schemes with Ryde committing **over $1 million green bonus** to support its driver-partners.

"We are excited to welcome Ryde as a strategic investor in Atoll," said **Steven Kwek, Director of Atoll**. "This partnership is more than just an investment — it's a convergence of shared values towards accelerating EV growth in Singapore. Together, we can scale EV adoption faster and smarter, and position Singapore as a regional leader in clean urban mobility."

**Strategic Synergies and Future Potential**

With its roots in ride-hailing since 2014 and a commitment to it's industry leading 0% driver commission, Ryde's super mobility app is uniquely positioned to make EVs more accessible for its driver-partners. By teaming up with Atoll and SEV, Ryde now has a clearer pathway to integrate more EVS into its services while ensuring operational efficiency.

The Atoll investment also opens the door for future collaborations and deeper ecosystem integration with key players like SEV and other major car rental platform. As EV momentum continues to build across Southeast Asia, Ryde is not only reinforcing its home market position but also setting the stage for future regional moves in green mobility.

**About Ryde Group Ltd**

Ryde, a homegrown super mobility app founded in Singapore, is the world's FIRST on-demand carpooling app since 2014! As a publicly listed company on the NYSE American, we are reimagining the way people and goods move around. We offer a full suite of services, including carpooling, private hire, taxi, and delivery, but what truly sets us apart is our commitment to empower our private-hire and taxi partners. We take 0% commission, ensuring that more of every hard-earned dollar goes to drivers on our platform. For more information, please visit <u>https://rydesharing.com/</u> to learn more.

**Contacts**

**For Media Relations:**

Media Team

Ryde Group Ltd

Email: media@rydesharing.com

**For Investor Relations:**

Investor Relations Team

Ryde Group Ltd

Email: investor@rydesharing.com

**FORWARD-LOOKING STATEMENTS**

Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the expected trading commencement and closing dates. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors . Any forward-looking statements contained in this press release speak only as of the date hereof, and Ryde Group Ltd specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.