SITT Tatt Bhd share price jumped 21 sen or 18.1% to RM1.37 yesterday following its announcement on Friday that it had settled its dispute with MISL & Associated Sdn Bhd over its plan to acquire a new core business.
With a total of 12.7 million shares changing hands, the counter was the second most actively traded.
In an announcement to the KLSE on Aug 1, Sitt Tatt said, MISL had agreed to sell its stake to Sitt Tatt directors Tan Sri Mohan Swami and Datuk Pang Wee Pat.
The development means Sitt Tatt will now be on track to gain a new core business in semiconductors.
The announcement came the day after the deadline of a court order requiring MISL to deposit into its solicitors' account the cash it made from various Sitt Tatt share disposals, amounting to between RM25mil and RM28mil.
MISL had also agreed to honour the RM69.3mil profit guarantee for 3 years as stated in the share sale agreement it signed with Sitt Tatt in June.
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