Jonathan Lim Zheng Jie, founder and Director of Japan IPL Holdings Pte. Ltd. signed a sale and purchase agreement to acquire remaining 56.97% stake in Japan IPL Holdings Pte. Ltd. from Epicentre Holdings Limited (Catalist:5MQ) for SGD 0.92 million on May 26, 2020. The purchase price of SGD 0.92 million shall be paid in cash on completion. For the period ended March 31, 2020, Japan IPL Holdings Pte. Ltd. had net asset value of SGD 0.48 million. Completion is conditional upon the approval of the shareholders of Epicentre Holdings Limited in the meeting scheduled on November 25, 2020. The transaction received support of creditors of Epicentre Holdings Limited in an informal meeting. The judicial managers recommend the shareholders to vote in favor of the transaction. Completion will take place no later than five business days after the condition is fulfilled in accordance with the agreement. Epicentre Holdings Limited intends to use the net proceeds from the disposal to go towards the funding of the continued judicial management of Epicentre Holdings Limited. Ee Meng Yen Angela and Purandar Janampalli Rao of Ernst & Young LLP acted as the judicial managers and Drew & Napier, LLC acted as the legal advisor for Epicentre Holdings Limited.