TEE International sells 63.28% stake in TEE Land to Amcorp Supreme for $50.62m.
TEE Land will cease to be a subsidiary of the company.
TEE International Limited has signed a conditional sale and purchase agreement (SPA) with Amcorp Supreme, a wholly-owned subsidiary of Amcorp Group Berhad to acquire 282,777,678, or 63.28%, of TEE Land’s shares, according to its press release.
At the same time, Tee International’s director Phua Chian Kin has entered into a SPA with Amcorp for the sale of his 24,593,590 TEE Land shares to Amcorp, representing a 5.5% stake in the company. The total consideration for the sale shares is approximately $50.62m.
Upon completion of the sale, TEE Land will cease to be a subsidiary of the company.
The Company said that it will use the net proceeds from the sale to expand its engineering and infrastructure businesses and to reduce the indebtedness of TEE Group.