Chip Eng Seng Corporation, through its subsidiary CES Edutech, has on July 7 entered into a sale and purchase agreement with Israel firm HackerU Global to dispose of its 41.14% stake in Cybint International.

Under the SPA, Chip Eng Seng will receive a cash consideration of US$8.2 million ($11 million) upon completion of the transaction.

In addition, Chip Eng Seng will be entitled to an additional payment of US$1.35 million in the event that HackerU Global, within two years of the transaction completion, raises funds amounting to US$150 million or it lists Cybint shares through an initial public offering on any stock exchange, including through a merger with Special Purpose Acquisition Company merger (SPAC).

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