TEE International said on Monday it plans to spin off its infrastructure business into a listing on the Singapore Exchange’s Catalist board for smaller enterprises.
“The company intends to maintain a controlling interest in the spin-off group following the proposed transactions,” TEE International said in a filing to SGX after the market close on Monday.
“The proposed transactions will enable the company to unlock the value of the spin-off group. The spin-off group will be able to independently raise new funds from the capital market,” it added.
The spin-off group will include a 50.1 percent stake in G3 Environmental, which provides waste-management services; a 21.05 percent stake in PowerSource Philippines Distributed Power Holdings, which owns a green-field thermal hybrid power plant in the Philippines; and a 49 percent stake in Global Environmental Technology, one of Thailand’s largest waste-water treatment companies, TEE International said.
The company said it has hired PrimePartners Corporate Finance as an issue manager and sponsor, and Rajah & Tann Singapore LLP as Singapore counsel, for the proposed listing.