R H Energy secures approval for Chiwayland acquisition

But still subject to several conditions.

The Board of Directors of R H Energy Ltd. (R H Energy) have announced that the SGX-ST has on 28 March 2014 granted its approval in-principle for the proposed acquisition by the company of the entire issued and paid-up share capital of Chiwayland Group (Singapore) Pte. Ltd. (Chiwayland) from Sinway Investment Co., Ltd. This is in pursuant to a sale and purchase agreement dated 26 March 2013 entered into between the R H Energy, Chiwayland, Petchem Holdings Pte. Ltd.

The proposed acquiition is still subject to several conditions, cinluding compliance with the listing requirements of the SGX-ST, shareholders' approval, and compliance with rules of the Listing Manual.