Shares in investment company Tintra (LON: TNT) have surged Friday after the firm identified a potential target for acquisition, concluded discussions regarding an AI joint-venture, and received an offer for its lottery administration business.
The company's plan is to operate as a business authorised as an Electronic Money Institution by the UK Financial Conduct Authority, and Tintra believes an acquisition is the best way of fulfilling that plan.Â
“The Board has identified a potential target and accordingly is in advanced negotiations with the Target,” Tintra said in its statement.
In addition, the London-listed firm said it has received an offer for its lottery administration business, with is currently being reviewed by its board. They expect to announce a decision on the proposal in the next two weeks.
Elsewhere, the company has concluded discussions regarding a joint venture with an artificial intelligence (AI) software developer within the financial technology sector.Â
Tintra feels AI software will be a core element of its strategy for radically improving payments between emerging and developed economies. It is expected that an announcement on this will be made during the week beginning 4 October 2021.
Tintra's share price is trading 20% above Thursday's close at 72p.
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