CEFC: Discussions on JVs still ongoing

Singapore

CEFC International, the fuel trader whose share price has shot up by more than ten-fold 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 agre…