SINGAPORE (Feb 15): Eurosports Global said on Wednesday that it has entered into a non-binding memorandum of understanding with Siu Tat Man to fully acquire Hong Kong based SS Ventures.

SS Ventures is the operator of Fly Taxi, a taxi hailing application in Hong Kong, and the owner of all of the intellectual property relating to the app. The company is fully owned by Siu.

Eurosports Global distributes ultra-luxury and luxury automobiles, and also provides short term rental of supercars, as well as runs a supercar sharing club.

The group said in a filing to the exchange that the acquisition of SS Ventures would allow it to tap into the growing demand for mobile applications that connect passengers and transportation providers, and would also provide synergies with the use of the technology in its existing business.

Subject to due diligence and the relevant approvals from the Singapore Exchange, the parties are expected to negotiate and finalise a definitive agreement within 30 days from the signing of the MOU.