DeClout Limited (Catalist:5UZ) acquired the remaining 30.36% stake in Beaqon Pte. Ltd. from Chua Chye Lee and Leow Chin Bee for SGD 13 million on August 24, 2018. Under the terms, DeClout Limited acquired 0.57 million shares from Chua Chye Lee and 0.17 million shares from Leow Chin Bee. The consideration includes cash payment of SGD 4.25 million to Chua Chye Lee and SGD 0.75 million to Leow Chin Bee on completion; within 365 days from the completion of the transaction, payment of SGD 3.75 million to Chua Chye Lee, consisting of SGD 1.7 million in cash; and at DeClout's discretion, SGD 2.05 million payable either in cash and/or by way of the allotment and issuance of up to 18.64 million fully paid-up new shares in the capital of DeClout and/or transfer of an equivalent number of treasury shares in the capital of DeClout; within 365 days from the completion of the transaction, payment of SGD 0.65 million to Leow Chin Bee, consisting of SGD 0.3 million in cash; and at DeClout's discretion, SGD 0.35 million payable either in cash and/or the allotment and issuance and/or transfer of up to 3.18 million DeClout's fully paid up new shares/treasury shares. Subject to the audited consolidated net tangible assets (NTA) of the Beaqon Pte. Ltd. and its subsidiaries (Beaqon Group) as at December 31, 2018 increasing by at least SGD 5 million compared to the audited consolidated NTA of the Beaqon Group as at December 31, 2017 (after adjusting for any payment of dividends by Beaqon to the DeClout Limited and any gain or loss from the disposal or unrealized revaluation gain or loss of any properties of the Beaqon Group); and each of Chua Chye Lee, Chua Hock Choon (a Director and acting Chief Executive Officer of the Beaqon Group), and Leow Chin Bee continuing their employment with the Beaqon Group for the period up to at least June 30, 2019 ("First Earn-out Milestone"), DeClout Limited will pay Chua Chye Lee an additional payment of SGD 1.1 million in cash and/or up to 10 million fully paid up new shares/treasury shares, and for Leow Chin Bee, an additional payment of SGD 0.7 million in cash and/or up to 6.36 million fully paid up new shares/treasury shares, as determined by DeClout Limited in its discretion. Subject to NTA of Beaqon Group as at December 31, 2019 increasing by at least SGD 6 million compared to the audited consolidated NTA of the Beaqon Group as at December 31, 2018 (after adjusting for any payment of dividends by Beaqon to the DeClout Limited and any gain or loss from the disposal or unrealized revaluation gain or loss of any properties of the Beaqon Group); and each of Chua Chye Lee, Chua Hock Choon, and Leow Chin Bee continuing their employment with the Beaqon Group for the period up to at least June 30, 2020 ("Second Earn-out Milestone"), DeClout Limited will pay Chua Chye Lee an additional payment of SGD 1.1 million in cash and/or up to 10 million fully paid up new shares/treasury shares, and for Leow Chin Bee, an additional payment of SGD 0.7 million in cash and/or up to 6.36 million fully paid up new shares/treasury shares, as determined by DeClout Limited in its discretion. Post completion, DeClout Limited held 100% stake in Beaqon Pte. Ltd. and Chua Chye Lee and Leow Chin Bee, holding 23.22% and 7.14% respectively prior to the acquisition, held no stake in Beaqon Pte. Ltd. In a related transaction, Beaqon Pte. Ltd. acquired the remaining 25% stake in TJ Systems (S) Pte. Ltd. from Leow Chin Bee for SGD 2.8 million. The acquisition is funded using the internal resources of DeClout Limited. Beaqon Pte. Ltd. had net profit after tax of SGD 3.5 million and net asset value of SGD 20.8 million for the financial year ended December 31, 2017. Danny Lim of Rajah & Tann acted as a legal advisor to DeClout Limited. DeClout Limited (Catalist:5UZ) completed the acquisition of the remaining 30.36% stake in Beaqon Pte. Ltd. from Chua Chye Lee and Leow Chin Bee on August 24, 2018.