TEE International plans sell 100.47 million TEE Land shares to Top Capital Securities at S$0.186 each for a total S$18.69 million in cash, the company said in a filing to SGX Friday.
The price is a premium of 5.62 percent to the volume weighted average price of S$0.176 for TEE Land shares on 9 May, the last market day before the agreement date, TEE International said. The book value of the shares was around S$32.98 million as of 28 February, the filing said.
At the group level, the sale’s completion will result in an accounting loss of around S$17.62 million and a revaluation loss of around S$7.03 million on the remaining TEE Land shares held by TEE International, the filing said.
The net proceeds of the sale, expected to be around S$18.22 million, will be used to repay loans and bank borrowings and for general working capital, TEE International said.
The deal is expected to be completed on 15 May, the filing said.
In a separate filing, TEE Land said it appointed Yang Jintao executive director. Yang is a director of Top Capital Securities, and wholly owns the ultimate holding company for Top Capital Securities.
Both TEE Land and TEE International requested a lifting of the trading halts on their shares, effective Monday.
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