Shares of Singapore-listed China Fashion Holdings (CHFA.SI) rose as much as 13.8% to a two-month high, after the company announced plans to buy an oil and gas firm in a $41 million reverse takeover deal.
China Fashion shares were up 8.6% at $0.063 with over 78.5 million shares traded, 2.9 times its average full-day volume traded over the last five sessions.
China Fashion said it plans to acquire oil and gas firm Golden Rainbow Enterprise in a reverse takeover, by issuing 103.4 million new shares to Techwin Energy at $0.40 each.
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