Heatec Jietong (SGX:5OR) agreed to dispose of around 60% of its stake in Setya Energy to Lim Kay Cheong for SG$1, according to a Wednesday filing with the Singapore Exchange.
The target company is engaged in the business of supply and trades various products. The purchaser is a sales manager of Heatec Jietong's wholly owned subsidiary, Heatec Jietong Pte. Ltd.
Shares of the company surged over 46% in Wednesday's afternoon trading.
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