Duty Free International (SGX:5SO) entered into a share sale and purchase agreement with Atlan Holdings to acquire United Industries for 175 million ringgit, according to a Monday filing with the Singapore Exchange.
Shares of the company surged over 10% in recent trading.
The new business acquisition is in line with the group's strategy to diversify its business and broaden its revenue stream.
The acquisition will be funded by internal resources.
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