ITE Electric sells 29% of stakes for $6m

Former chairman disposed all interests in the company.

The board of directors of ITE Electric Co Limited announced the group has sold 29% of its shares to Prosperity Luck Overseas, Inc., a company wholly owned by Sunrise Group’s Wong Siu Fai.

In its release on SGX, ITE said that its non-executive chairman, Aw Cheok Huat divested his entire shareholding interest in the company and sold 39.8 million shares to Prosperity Luck Overseas for $6 million.

Wong owns 100% of Prosperity Luck Overseas. The sale and purchase agreement made the businessman a controlling shareholder of ITE.

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