Fuel trader CEFC International, a company that has surged more than 10 times since mid-July, said in an update on Tuesday evening that discussions on its potential joint ventures are still ongoing.
"No definitive terms or formal legal documentation have been agreed, and no binding agreement in relation to the potential joint ventures has been entered into, at this stage," said CEO and executive director Lu Da Chuan.
"Shareholders and potential investors should exercise caution when trading in the shares of the company, as there is no certainty that the potential joint ventures will be agreed or that any similar transaction will materialise," he said.
CEFC closed at 34 Singapore cents, down 2.5 cents or 6.8 per cent. It is now valued at S$1.1 billion.