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Miyoshi Signs Letter of Intent to Sell Stake in Core Power (Fujian); Shares Jump 13%

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Miyoshi's (SGX:M03) shares surged nearly 13% on Wednesday after the manufacturer of precision pressed parts signed a non-binding letter of intent with Core Power (Fujian) Technology to dispose of its 42.11% stake in Core Power (Fujian).

Under the letter, the company will dispose of the shares for an indicative consideration of 6 million yuan, according to a Tuesday filing with the Singapore Exchange.

The completion of the disposal is subject to the execution of a definitive term sheet and shareholders' approval.

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