Acrometa (SGX:43F) entered into a binding term sheet with Wan Qian, an unrelated Chinese national, to establish a joint venture company focused on creating an AI-powered global trade operating system, according to a Monday filing with the Singapore Exchange.
Under the agreement, the company will increase the paid-up capital of its currently dormant wholly owned subsidiary, Acrometa Lifestyle, by SG$200,000, while Qian will invest SG$300,000 in it. Following this,
Acrometa will hold a 51% stake in Acrometa Lifestyle, while the remaining 49% will be held by Qian.
Funding of the subsidiary will be carried out through internal resources, the filing added.