Mint Signs MOU to Acquire Majority Stake in Ascendze to Expand AI, Robotics and Semiconductor Business

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Mint Incorporation Limited (“Mint” or the “Company”, together with its subsidiaries, the “Group”, NASDAQ: MIMI), a Hong Kong-based company strategically focused on artificial intelligence (AI) and robotics, and an established business interior design and fit-out works provider, announced that it has entered into a non-binding Memorandum of Understanding (the “MOU”) with Ascendze Pte. Ltd. (“Ascendze”), a Singapore-based company that focuses on the semiconductor industry and its associated manufacturing processes, serving a range of well-known global customers such as Fabrinet Co., Ltd.

The MOU outlines Mint’s intention to acquire a controlling or majority equity stake in Ascendze, establishing it as Mint’s primary platform for strategic expansion and investment in Singapore’s technology sector. The proposed partnership will focus on advancing chip production technologies, robotics-driven automation, and explore related innovation initiatives.

Mr. Damian Chan, Chairman of the Board and Chief Executive Officer of Mint stated: “This MOU marks an important milestone in Mint’s global growth strategy. By partnering with Ascendze, we are strengthening our presence in Singapore — a global hub for semiconductors and advanced manufacturing — and combining our AI and robotics expertise with Ascendze’s local capabilities and industry relationships to drive significant value creation.”

Ascendze serves prominent global customers including Fabrinet Co. Ltd, providing consulting services and automation solutions in semiconductor manufacturing and precision engineering. Ascendze is committed to delivering innovative technologies that improve society through robotics, digital innovation, and continuous learning.

Mr. Leong Kar Lee, Founder of Ascendze added: “We are excited to collaborate with Mint Incorporation Limited. This strategic partnership will accelerate our growth, enhance our technological capabilities, and allow us to jointly develop cutting-edge solutions in chip production and automation that benefit our customers and the broader industry.

The parties aim to execute definitive agreements within 90 days from the date of the MOU, subject to satisfactory due diligence, board approvals, regulatory clearances where applicable, and other customary conditions. Through the proposed partnership, the parties intend to collaborate on the research, development, and commercialization of advanced chip production technologies and robotics-driven automation solutions. In addition, Mint plans to provide further capital investment to support Ascendze’s expansion and growth initiatives in Singapore, subject to the execution of separate definitive agreements.