Asia-Pacific Strategic Investments (APSI) has entered into non-binding term sheet with an unnamed corporation for the acquisition of its hospitality business.

Under the term sheet, APSI will issue new ordinary shares in the capital of the company for the acquisition of the 100% equity interest in the target company.

THe proposed acquisition is in the preliminary stage, where APSI and the corporation are in the process of negotiating the terms of the proposed acquisition.

According to the statement, there is “no certainty or assurance” that any definitive agreements will be entered into.

Shares in APSI closed 0.1 cent lower or 50% lower at 0.1 cent on April 22.