Alpina Holdings Limited entered into a conditional sale and purchase agreement to acquire Wan Dormitory Pte. Ltd. from Dacai Pte Ltd. and Dong Cai for SGD 24.5 million.

Alpina Holdings Limited (Catalist:ZXY) entered into a conditional sale and purchase agreement to acquire Wan Dormitory Pte. Ltd. from Dacai Pte Ltd. and Dong Cai for SGD 24.5 million on December 21, 2023. In this transaction, Dacai will sell 99% stake and Dong Cai will sell 1% stake in Wan Dormitory.

The consideration is inclusive of deposit of approximately SGD 0.48 million which was paid by the Company contemporaneously with the execution of the sale and purchase agreement, an additional amount of approximately SGD 1.9 million will be payable within 7 days of after provision by the Warrantors and/or the Target of such documentary evidence, to the Company?s satisfaction, of an application by the Target to the relevant governmental and /or regulatory authorities for the Dormitory License. The Company has further agreed to withdraw Notice of Arbitration filed on October 16, 2023, with the Singapore International Arbitration Centre to commence arbitration proceedings against the Warrantors in respect of the disputes between the Company and the Warrantors arising out of or in connection with the Term Sheet. The transaction is expected to close by January 31, 2024.

may extend if parties agreed in writing thereof with accordance with the SPA. As of January 8, 2023, Alpina Holdings has paid the Licence Deposit of SGD 1.92 million to Dacai Pte Ltd. and Dong Cai using the IPO Proceeds. As of January 31, 2024, the Board wishes to announce that the Alpina Holdings Limited has exercised its right pursuant to the sale and purchase agreement to extend the Long-Stop Date to February 8, 2024.

As of February 15, 2024 Alpina Holdings Limited has exercised its right pursuant to the sale and purchase agreement to extend the Long-Stop Date to March 4, 2024. As of March 4, 2024 Alpina Holdings Limited has exercised its right pursuant to the sale and purchase agreement to extend the Long-Stop Date to March 18, 2024. As of March 15, 2024, the board of Alpina Holdings Limited clarified that it does not intend to take over the Tender Property following completion in the event the Wan Dormitory?s SLA Tender is successful.

It also entered into a supplemental side letter under which Alpina will withhold SGD 2 million as deferred consideration until the SLA Tender Assignment is not completed.