A portfolio company of The Trendlines Group has received a non-binding letter of intent (LOI) from a public corporation for the acquisition of the portfolio company for a deal potentially worth at least $19 million.

In a filing to the Singapore Exchange on April 6, Trendlines state that the public corporation has requested confidentiality with respect to the negotiations, and therefore, the company will only announce further details regarding the transaction as may be permitted by the public corporation.

Which portfolio company being considered for the acquisition has also not been disclosed at this stage.

Trendlines stated that based on the LOI received, the company's minimum share of the sale proceeds to be received in cash is estimated to be approximately $19 million.

Shares in Trendlines closed up 0.7 cents or 7.69% higher at 9.8 cents on April 5.