CEFC replies to SGX query, highlights potential energy company acquisition

IN A reply to a Singapore Exchange (SGX) query on unusual trading of its shares, oil and gas trader CEFC International on Thursday disclosed some specifics in its investment plans.

"The group has internally narrowed down the potential investment projects and one of such projects involves a potential acquisition of a vertically integrated energy company," CEFC said.

"The group has engaged professional consultants to assist with the preliminary due diligence work."

CEFC added that, as earlier announced, it will require funding for potential investments and is contemplating a fund raising exercise.

"The group is in preliminary discussions with potential parties on a confidential basis," it said.

CEFC shares traded up half a cent to 38 cents on Wednesday. Close to eight million shares were traded.