Sarine Technologies (SGX:U77) signed a non-binding letter of intent term sheet to purchase a majority stake in Kitov.AI, according to a filing with the Singapore Exchange on Sunday.
Kitov is a platform offering an inline quality assurance and control system used in industries such as electronics, automotive, aerospace and plastics.
The term sheet for the proposed acquisition is subject to due diligence reviews and the parties reaching a definitive agreement.
Shares of the company were down over 4% in recent trading.
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