Terratech says SHS chairman no longer in talks to buy 29% stake

TERRATECH Group said its major shareholder is no longer in talks to sell a 29 per cent stake in the marble producer to SHS Holdings chairman Chew Hoe Soon.

Tritech Group, which holds about 63 per cent of Terratech, had informed Terratech in January that it was in discussions to sell the 29 per cent stake to Mr Chew. Tritech also intended to sell its remaining 33.9 per cent stake at the time if and when an opportunity arose. Terratech chairman Wang Xiaoning is deemed to be interested in Tritech's shareholdings.

In an announcement on Thursday, Terratech said it had been informed by Tritech that discussions on the 29 per cent stake had been mutually discontinued on Feb 17 by Tritech and Mr Chew.

Terratech shares fell 11.7 per cent or 0.6 cent to 4.5 Singapore cents as at 4.31pm on Thursday.