TROOPS Mulls Acquisition Of Hong Kong-Based Insurance Firm, In Discussions To Buy Bestfaith Intl.

(RTTNews) - TROOPS, Inc. (TROO), Monday announced that the company is in early stages of discussions to acquire an insurance brokerage firm based in Hong Kong, and is in advanced negotiations to acquire Bestfaith International Technology Limited, a building management company.

The financial details of both potential acquisitions have not been disclosed.

The company stated that the potential acquisitions align with its commitment to expand its presence in Hong Kong's growth sectors.

The addition of Bestfaith would establish TROOPS as a key player in the region's property management industry, the company noted.

Meanwhile, the potential insurance brokerage acquisition would enhance its revenue streams and create cross-selling opportunities between its property management and insurance services divisions.

In the pre-market hours, TROOPS's stock is trading at $0.86, up 7.7 percent on the Nasdaq.