Trendlines Group receives letter of intent for acquisition of portfolio company

THE Trendlines Group on Tuesday announced that it has received a non-binding letter of intent (LOI) for the acquisition of a portfolio company by a public corporation.

In the event that a definitive agreement is signed and the acquisition of the portfolio company is completed, the transaction is expected to have a material positive impact on the net tangible assets per share and earnings per share of the group for the financial year ending Dec 31, 2021, the medical and agrifood technology investment group said.

Based on the LOI, Trendlines Group's minimum share of the sale proceeds to be received in cash is estimated to be approximately S$19 million.

However, the group said there is "no assurance" that the LOI will be executed, or that the sale of its portfolio company would take place. The Catalist-listed company will make a subsequent announcement in the event that the LOI or a definitive agreement is not entered into.

Shares of The Trendlines Group last closed at 9.8 Singapore cents on Monday, up 0.7 cent or 7.7 per cent.