PETALING JAYA: Impiana Hotels Bhd is acquiring a 30% stake in financial technology (fintech) firm Accuventures Sdn Bhd for RM4.2mil, as part of its plan to digitalise its hospitality business.

       In a filing with the stock exchange yesterday, Impiana said it has entered into a non-legally binding term sheet for the acquisition.

       Accuventures, which has a valuation of RM14mil, is a fintech solution provider that taps on big data and machine learning capabilities. It is also involved in money lending.The acquisition will be fully satisfied via Impiana shares, split into two tranches.

       Impiana will acquire an initial 10% stake of Accuventures, followed by an additional 20% upon the completion of various due diligence processes.

       “The closing of the first tranche is anticipated to occur on or before Dec 31, 2021, or such other date as the parties may mutually determine.

       “The closing of the second tranche is anticipated to occur on or within the one month from the commencement date of the due diligence process concerning Accuventures’ audited report as abovementioned, or such other date as the parties may mutually determine,” Impiana said.

       In a separate statement, Impiana chairman Datuk Seri Ismail @ Farouk Abdullah said the group would be able to embrace new technologies through Accuventures.

       “This is merely one small part of our digitalisation programme coming into place with the fundamental aim of boosting our bottom line,”he said.