KUALA LUMPUR (Dec 29): Impiana Hotels Bhd has proposed to acquire a 30% stake in fintech solution provider Accuventures Sdn Bhd for RM4.2 million.

The two companies signed a non-legally binding term sheet on Wednesday (Dec 29), subject to terms to be finalised in a definitive agreement, Impiana said in a bourse filing.

The hospitality operator said the purchase, to be satisfied via Impiana shares, will be split into two tranches: an initial 10% stake, followed by another 20% upon completion of various due diligence processes.

Impiana, which had triggered the prescribed criteria of Practice Note 17 in November, views the proposed acquisition as a strategic investment for the company. 

“The group sees the significance in keeping up with the times by embracing innovative solutions and technology to better manage its hospitality business operations,” it said.

Separately, the issuance of consideration shares as settlement of the purchase price will enable the group to conserve cash resources, it added. 

Impiana was the sixth most active stock on Bursa Malaysia on Wednesday, with 46.02 million shares changing hands.

The counter closed one sen or 11.76% lower at 7.5 sen, valuing the company at RM108.3 million.