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Info-Tech Systems Executive Chairman Sells 24.3 Million Shares; Shares Down 5%

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-- Info-Tech Systems (SGX:ITS) executive chairman, Peter Lim Kim Heng, undertook a sale of around 24.3 million shares via a block trade, according to a Tuesday filing with the Singapore Exchange.

Heng named Oversea-Chinese Banking Corp. or OCBC as the placement agent, with the share sale a strategic initiative to diversify and institutionalize the company's shareholder base.

Following the sale, the company's chairman has a 19.2% stake in Info-Tech.

Shares of the provider of human resource management systems were down over 5% in Tuesday trading.

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