-- Global Wave Venture acquired 51.1 million shares in Avi-Tech (SGX:1R6) for SG$17 million, according to a Thursday filing with the Singapore Exchange.
Following the transaction, Global Wave has a 29.9% stake in the technology company, the filing added.
The transaction was conducted through W Capital Markets.
Following the completion of the transaction, Lim Eng Hong has stepped down from his role as the company's chief executive officer, while Lim Tai Meng Alvin has also stepped down as the company's chief operating officer.