Thong Siek Global, the wholly-owned subsidiary of Neo Group Limited, on Feb 3, entered into a legally binding term sheet for the proposed acquisition of Royale International Food Industries (RIFI) as well as its owners Ng Soon Koon Kenny and Wong Khuang Lii Melvin.

Under the term sheet, Siantan Frenzies Snacks and Royale International Trading will transfer its businesses to RIFI. Following which, Thong Siek will acquire a stake in RIFI by way of an issue and allotment of 105 new ordinary shares in the share capital of RIFI to Thong Siek.

The 105 shares represent 51% of the share capital of RIFI upon the completion of the proposed acquisition.

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