Global Biz

Singapore's Armarda in talks to buy Chinese firm

(Xinhua)
Updated: 2010-12-30 13:34

SINGAPORE - Singapore-listed information technology company Armarda is planning to acquire a Chinese company in the next few weeks, a local newspaper reported Thursday.

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The target company will help Armarda in the areas of information technology and communications, the company said in an announcement.

It did not disclose the name of the target company.

Negotiations are expected to start on the terms and conditions for the potential acquisition within the next couple of weeks and the final negotiations are expected to be completed before the Chinese New Year, the Straits Times reported.

Armarda may have to raise additional financing if the buyout is successful, the company said.

Armarda is listed on the Singapore Exchange and headquartered in Singapore. It has operations in China, serving customers including financial players.