{"id":50734,"date":"2017-04-03T11:57:13","date_gmt":"2017-04-03T04:57:13","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/tee-international-ceo-to-privatise-company\/"},"modified":"2017-04-03T11:59:08","modified_gmt":"2017-04-03T04:59:08","slug":"tee-international-ceo-to-privatise-company","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/tee-international-ceo-to-privatise-company\/","title":{"rendered":"Tee International CEO to privatise company"},"content":{"rendered":"


\nPrivatisation of the company is expected to provide greater operational flexibility to the group.
\nTee International\u2019s Chief Executive and Managing Director Phua Chian Kin has offered to take the company private through a scheme of arrangement.
\nWith the offer made via Oscar Investment, Tee shareholders under the proposed scheme may opt to receive a cash consideration of 21.5 Singapore cents, or one new share in Oscar for every share held.
\nTee International noted that the offer price represents a 12 percent and 9.1 percent premium to the three-month and six-month volume-weighted average price respectively, including the last market day.
\nAside from Phua\u2019s 56.19 percent interest in the company, Oscar has secured undertakings from other shareholders, taking its combined stake in Tee to 69.58 percent. These shareholders have agreed to support the scheme and receive shares in Oscar instead of cash.
\nNotably, the scheme is subject to approval from at least 75 percent of the company\u2019s shareholders.
\nOnce the scheme is approved, Phua will delist the company from SGX.
\nHe believes that the \u201cacquisition and the privatisation of the company would provide greater operational flexibility to the group\u201d.
\nMeanwhile, Tee revealed that the scheme document containing full details of the scheme (including the formal opinion of the IFA and the recommendation of the non-interested directors) and notice of the scheme meeting will be dispatched to shareholders in due course.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Tee International CEO to privatise company<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Privatisation of the company is expected to provide greater operational flexibility to the group. Tee...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-50734","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-dci","jetpack-related-posts":[{"id":66792,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/tee-land-to-acquire-upper-thomson-sites-for-25-74m\/","url_meta":{"origin":50734,"position":0},"title":"Tee Land to acquire Upper Thomson sites for $25.74m","date":"September 19, 2017","format":false,"excerpt":"\r The developer intends to build a residential block on the land. Tee Land has entered into six option-to-purchase (OTP) agreements to acquire the freehold interest in six plots of land at Seraya Crescent in Upper Thomson for $25.74 million. The company intends to build a residential block on the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":92861,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/tee-land-to-acquire-freehold-site-at-upper-east-coast-road-for-60m\/","url_meta":{"origin":50734,"position":1},"title":"TEE Land to acquire freehold site at Upper East Coast Road for $60m","date":"June 30, 2018","format":false,"excerpt":"\r TEE Land intends to redevelop the site into a new residential project. Boutique developer TEE Land is set to acquire Teck Guan Ville condo in Upper East Coast Road for $60 million. In an SGX filing, the company revealed that it has entered into an option to purchase agreement\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":71867,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/tee-land-buying-gilstead-road-condo-for-72m\/","url_meta":{"origin":50734,"position":2},"title":"TEE Land buying Gilstead Road condo for $72m","date":"November 15, 2017","format":false,"excerpt":"\r TEE Land has acquired options to purchase all the 11 units at the freehold Casa Contendere condominium at 35 Gilstead Road in District 11 near Newton MRT station for a total of $72 million. \u201cThe sellers are independent and unrelated third parties,\u201d it stated in a recent SGX filing.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":27377,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/tee-land-to-acquire-ley-choons-real-estate-unit-for-11-5m\/","url_meta":{"origin":50734,"position":3},"title":"TEE Land to acquire Ley Choon's real estate unit for $11.5m","date":"September 27, 2016","format":false,"excerpt":"\r Ley Choon stated in an SGX filing that its subsidiary had entered into an SPA with Tee Land. (Photo: Jonathan Choe, Flickr.com) Property developer Tee Land is acquiring the real estate subsidiary of Ley Choon Group Holdings, in line with the debt restructuring programme that Ley Choon is undertaking\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":108222,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/tee-land-sells-15-of-48-units-at-lattice-one-preview-weekend\/","url_meta":{"origin":50734,"position":4},"title":"Tee Land sells 15 of 48 units at Lattice One preview weekend","date":"June 18, 2019","format":false,"excerpt":"\r The units were sold at an average price of $1,800 psf, and buyers of these units were all Singaporeans. Tee Land has sold 15 of the 48 units at its Lattice One condominium project at Seraya Crescent, at an average price of $1,800 per sq ft (psf) during its\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":94931,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/tee-land-cancels-en-bloc-purchase-of-freehold-condo\/","url_meta":{"origin":50734,"position":5},"title":"Tee Land cancels en bloc purchase of freehold condo","date":"July 27, 2018","format":false,"excerpt":"\r TEE Land had intended to redevelop the site into a new residential project. Tee Land has decided not to exercise its option to purchase Teck Guan Ville condo, which would have set the company back $60 million. In an SGX filing, the company explained that it had arrived at\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/50734"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=50734"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/50734\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=50734"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=50734"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=50734"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}