Kunshan Everfast Chemical Science and Technology Co., Ltd. agreed to acquire Amly Chemicals Co., Ltd. from Matex International Limited (Catalist:M15) for SGD 10.5 million on August 26, 2021. A deposit of approximately 209,000 will be paid by the Purchaser to Matex International within 3 working days from the signing of the MOU and shall form part of the Consideration. Upon completion of the Proposed Disposal, ACL will cease to be a subsidiary of the Matex International.

For the financial year ended 2020 (“FY2020”), ACL recorded SGD 7.9 million revenue and profit before tax of approximately SGD 108,200. The net asset value of ACL is SGD 6.03 million as at 31 December 2020. The Proposed Disposal is subject to the negotiation and execution of the equity transfer agreement (the “Definitive Agreement”).

Matex International will be convening an EGM to seek the shareholders' approval for the Proposed Disposal. Matex International will apply the consideration received from the Proposed Disposal of ACL for general working capital and to repay outstanding liabilities. On February 23, 2022, Matex International Limited entered into a entered into a sale and purchase agreement with Taixing Jinfu Chemistry Co.

Ltd. On August 17, 2022, Matex International Limited received first payment of approximately SGD7.2 million.