LOSS-MAKING nightlife group LifeBrandz is hoping to undergo a reverse takeover that would turn it into a hospitality developer.

Yesterday, it signed a memorandum of understanding (MOU) with shareholders of Acteam International Co Ltd and 122 Middle Investment Pte Ltd to acquire their stakes, payable in cash and new share issue at an indicative price of 1.2 cents each, the company said.

It has also signed an MOU with Centurion Private Equity Ltd and Massive Collective Pte Ltd to dispose its existing businesses to them. This will be satisfied in cash.