APGH 8-K
AleeanPeace Group Holdings Ltd (APGH)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||
| OTC Markets – Pink Sheets |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
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Section 1 – Registrant’s Business and Operations
Item 1.02. Termination of a Material Definitive Agreement.
Item 8.01 Other Events
On May 06, 2024, SEATech Ventures Corp. (the “Company”) terminated its Acquisition Agreement, dated July 12, 2023 (the “Acquisition Agreement”), with Just Supply Chain Limited (“JSCL”) and its group of companies.
On July 12, 2023 the Company entered into an Acquisition Agreement with Lee Wai Mun, Tai Kau @ Tai Fah Chong, Wong Tien Erl, Lee Han Cien, Lee Wai Chun, Eik Chu Yew, Wong Po Leng and Tok Kai Weei (the “Vendors”), shareholders of JSCL.
Pursuant to the Acquisition Agreement, the Vendors have agreed to sell to the Company an 100% equity stake in JSCL in consideration of a new issuance of 21,831,660 restricted shares of the Company’s common stock at $0.80 per share. The consideration was derived from an agreed valuation of JSCL at $17,465,328.
Due to some outstanding matters yet to be resolved by JSCL, the Company’s board of directors decided to terminate the Acquisition Agreement at the board meeting on March 27, 2024. On May 06, 2024, the Company has entered into a Deed of Mutual Termination & Release with the Vendors to transfer and vest fully the legal and beneficial interests of:
| 1. | the 100% shares in JSCL to the respective Vendors in accordance with their initial shareholdings held by each Vendors and redeliver the title and possession of all the assets of JSCL. | |
| 2. | all 21,831,660 units of common shares of SEATech Ventures Corp. (OTC PINK: SEAV) to the Company. |
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
| Exhibit No. | Description | |
| 10.1 | Deed of Mutual Termination & Release dated May 06, 2024 between the Company and the Vendors of JSCL Lee Wai Mun, Tai Kau @ Tai Fah Chong, Wong Tien Erl, Lee Han Cien, Lee Wai Chun, Eik Chu Yew, Wong Po Leng and Tok Kai Weei | |
| 10.2 | Board resolution for the approval of the termination of the Acquisition Agreement dated July 12, 2023 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL Document) |
| 2 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| SEATECH VENTURES CORP. | ||
| Date: May 06, 2024 | By: | /s/ CHIN CHEE SEONG |
| Chin Chee Seong | ||
| Title: | Chief Executive Officer (President, Director, Secretary and Treasurer) | |
| 3 |
Exhibit 10.1
Exhibit 10.2
