SINGAPORE (May 23): CITIC Envirotech has revealed that subsidiary CITIC Environment (International) Company is in talks with founder and non-executive director Lin Yucheng as well as group chief operating officer Pan Shuhong on the potential acquisition of a less than one third stake currently held by each of them.

The potential acquisition was announced in an aftermarket filing by CITIC Envirotech in response to an 11.22am query by the Singapore Exchange to disclose any information which may explain the unusual volume movements in the trading of its shares.

Shares of CITIC Envirotech plunged to a low of 60 cents half and hour after the market opened this morning from its opening price of 68 cents, prompting the bourse regulator to issue the query.

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