Investment holding firm IPC Corp said it signed agreement with Xinyuan China Real Estate Co for the acquisition of 51 percent stake in Beijing iJourney Technology Development Co for about US$5.1 million.
Shares in IPC jumped as much as 71 percent to S$0.64 in the morning trading.
The proposed acquisition of Beijing iJourney helps IPC enter into the arena of artificial intelligence technology, which is radically changing multiple aspects of human lives.
Beijing iJourney is involved in the research, development and marketing of robots which serve the needs of families, the company said in a statement.
Beijing iJourney's butler robot was launched in China and targets, amongst others, the educational needs of children, the healthcare needs of the elderly, and the connectivity of smart appliances.
The company said it will embark on its "One Belt One Net" initiative in the area of data centres, digital technologies and services.
IPC plans to fund the acquisition through the issue of new shares in at the price of S$0.40 each.
Separately, IPC said it signed another agreement with Xinyuan China Real Estate Co to sell its Grand Nest Hotel Zhuhai for about 200 million yuan (S$41 million).
Xinyuan China Real Estate is a unit of Xinyuan Real Estate Co, a Chinese property developer and manager listed on the New York Stock Exchange.
At 0342 GMT, IPC climbed 44 percent to S$0.54 on the Singapore Exchange. The stock has gained 2 percent so far this year.
