HPC HOLDINGS (01742.HK) announced on May 31 that Apollo Aquaculture, HPC Builders (the company's indirect wholly-owned subsidiary) and Aquachamp entered into an agreement on May 31, 2024, whereby (including) Apollo Aquaculture conditionally agreed to sell, and HPC Builders conditionally agreed to acquire and sell shares (equivalent to 70% of the entire equity of Apollo Aquarium) for a total consideration not exceeding SGD 3.5 million.

After completion, Apollo Aquarium will become an indirect non-wholly owned subsidiary of the company, and Apollo Aquarium's financial performance will be consolidated into the group's comprehensive financial statements.

Apollo Aquaculture is a limited company registered in Singapore. It was placed under interim judicial management on March 17, 2022, followed by judicial management on May 4, 2022. The main business of the Apollo Group includes fish farming, design and manufacture of aquaculture equipment and systems, consulting services for aquaculture projects, production of fish fry and larvae, fish health management, and wholesale trade of fish and seafood.

The acquisition will enhance the group's reputation in supporting the Singapore government's initiatives for a better and more sustainable development. The directors believe that the acquisition will bring long-term benefits to the group and consider the acquisition (including the terms of the agreement) to be fair, reasonable and in the overall interests of the company and its shareholders.