Mint Incorporation Limited (MIMI) shares shot up more than 54% in Monday's premarket session after the company revealed plans to expand into Singapore's tech sector via a proposed acquisition.

Last week, Mint announced a non-binding memorandum of understanding with Singapore-based Ascendze Pte. Ltd., a company specializing in semiconductor manufacturing and robotics. Under the proposed deal, Mint would acquire a controlling stake in Ascendze, making it the primary vehicle for Mint's expansion into Singapore's technology market.

The company said it intends to focus on semiconductor manufacturing technologies and robotics-driven automation. The parties expect to negotiate and sign definitive agreements within 90 days. If completed, the deal would strengthen Mint's technology capabilities and broaden its presence in these industries.

Mint is a Hong Kong-based company that operates in artificial intelligence, robotics, and interior design. Through its subsidiaries, it develops automation technologies and provides commercial interior design and fit-out services. Its tech business includes smart facility management, Internet of Things integration, AI-powered analytics, and robotics. Mint also has an interest in Rice Robotics AGI Holding Limited, which develops customer service and companion robots.

As of Monday's premarket, Mint shares were up 54.46% at $3.29, according to market data.