SINGAPORE - Polaris, a distributor and retailer of mobile phones and consumer electronics, is in talks to acquire company in South-east Asia with a similar business model.

The discussions are preliminary and non-binding, the company said in a filing to the Singapore Exchange on Tuesday.

The firm will make further announcements about the potential acquisition in the event of material developments.

Meanwhile, shareholders are "advised to refrain from taking any action in respect of their shares in the company which may be prejudicial to their interests", and to exercise caution when dealing in the company's shares.