Truong Thanh Furniture Corporation (HOSE:TTF) entered into non-binding agreement to acquire 20% stake in Natuzzi Singapore Pte. Ltd from Natuzzi S.p.A. (NYSE:NTZ) on April 7, 2021. If the parties fail to reach an agreement by May 31, 2021, the preliminary agreement will be void.

The transaction is subject to certain terms and conditions and to obtaining any applicable authorizations by the relevant authorities. Natuzzi will maintain a majority of the board members of Natuzzi Singapore.