Company explores acquisition talks, but no binding agreement yet in place
Digilife Technologies announced on Monday, December 27, that it is in negotiations to acquire a portion of shares in an undisclosed company. The technology firm, which operates in mobile prepaid card distribution in Indonesia, ICT services, and manages a battery electric vehicle fleet with Grab in Singapore, disclosed the potential deal in a bourse filing.
Although the parties involved have not been named, Digilife’s majority shareholder was approached by the seller, a company that holds a majority stake in the target firm. The company stated that no binding agreement has been reached yet, and further discussions are ongoing.
The acquisition could be classified as a major transaction under the Singapore Exchange’s (SGX) Chapter 10 listing rules, the company added. Digilife Tech had halted its trading on December 22 as discussions on the conditional sale and purchase agreement began, stating that the move was made to ensure prudent management and avoid unusual market activity.
The Catalist-listed company assured investors that it would make further announcements once a binding agreement is finalised or if there are significant developments. Digilife Tech’s shares are set to resume trading on the SGX on Monday.
