Sunrise Group's Wong buys 29% stake in ITE Electric
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Nisha Ramchandani
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Singapore
INVESTMENT holding company Prosperity Luck Overseas Inc has acquired a substantial stake in ITE Electric Co (ITE) after ITE's former non-executive chairman disposed of his entire 29 per cent stake for S$6 million.
In a release to the Singapore Exchange last week, ITE referenced an earlier announcement dated Aug 25 and said that Aw Cheok Huat has divested his entire shareholdings at S$0.15065 per share, making Wong Siu Fai a controlling shareholder of the company. Mr Aw has stepped down as chairman.
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