Salt Investments in Talks to Acquire Majority Stake in TT Oil; Shares Surge 25%
Shares of Salt Investments surged 25% in recent trading.
Salt Investments (SGX:FQ7) has entered into a legally non-binding agreement with Hong Kong's Poly Million to acquire a majority stake in TT Oil.
The companies will conduct negotiations exclusively for four weeks, according to a Thursday filing with the Singapore Exchange.
Majority owned by Poly Million, TT Oil's core business includes the wholesale supply of fuels and related products.
The potential acquisition is part of Salt Investments' focus on expanding its marine and offshore industry business.
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