Asiatic Group (SGX:5CR) signed a non-binding heads of agreement to acquire Malaysia-based car dealership, Karrus Mobility, from Karrus Automotive, according to a Friday filing with the Singapore Exchange.

The move is part of the company's business diversification strategy.

The acquisition depends on the company's due diligence, finalization of consideration and regulatory approvals from relevant authorities. The heads of agreement gives Asiatic a 45-day exclusivity period.