XMH (SGX:BQF) agreed to dispose of a 14.8% stake in Mech-Power Generator to Mitsubishi Heavy Industries (TYO:7011) for SG$12.3 million, according to a Monday filing with the Singapore Exchange.
Shares of the company were up nearly 1% in Tuesday trading.
The disposal is part of the company's strategy to establish closer collaboration between Mech-Power and Mitsubishi Heavy Industries.
Proceeds from the disposal will be utilized for the group's general working capital needs.
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