LONDON (Alliance News) - Alpha Returns Group PLC Friday said it has bought a further 15% stake in unquoted Singaporean IT services company Telistar Solutions Pte. Ltd for 330,000 Singapore dollars, or GBP227,000, worth of shares.
In a statement, the investment trust said it had issued nearly 12.1 million shares in return for the stake. It now has a total holding of 33.75% in Telistar.
Under an earlier agreement, Alpha Returns will also acquire a further 18.75% stake in Telistar, taking its stake to 52.5%. At this point it will be entitled to appoint a director to Telistar's board, and that person will become Telistar's Chairman.
Alpha Returns shares were down 3.5% at 1.81 pence Friday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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