Digilife Tech in talks to potentially acquire shares from undisclosed company

DIGILIFE Technologies BAI is in talks to possibly acquire an undisclosed amount of shares in a company, it said in a bourse filing on Monday (Dec 27).

Without naming the parties involved, Digilife Tech said its majority shareholder was approached by the seller - another company who is the majority shareholder of the target company - with the proposed acquisition.

No binding agreement has been entered into yet between the parties, and further negotiations and discussions are underway with the seller, said the company which distributes mobile prepaid cards in Indonesia, provides ICT (information and communications technology) services, and manages a battery electric vehicle fleet with ride-hailing firm Grab in Singapore.

Digilife Tech said the proposed acquisition may constitute a major transaction under Chapter 10 of the Singapore Exchange (SGX) listing rules.

Digilife Tech had requested a trading halt on Dec 22 immediately when discussions on the conditional sale and purchase agreement commenced. It said it had done so to practise prudence and prevent any unusual trading activity.

The Catalist-listed company said it will make further announcements once a binding agreement is signed, or if there are any further material developments relating to the proposed acquisition.

DigiLife Tech will resume trading of its shares on the SGX on Monday.