TEE International said Thursday discussions with Top Capital Securities over extending the completion date for selling a TEE Land stake have ceased.
“The company is in consultations with its legal adviser on its next course of action to pursue,” TEE International said in a filing to SGX.
In May, TEE International had said it planned to 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.
TEE Land’s executive director, Yang Jintao, has left his position, with the cessation of talks cited as the reason, TEE Land said in a separate filing to SGX.
TEE International added it has entered a memorandum of understanding with Euro Properties Holdings, which may make a strategic investment into or acquire shares in TEE Land.
Euro Properties has been granted an exclusivity period of eight weeks for due diligence, while TEE International and Euro Properties negotiate terms, the filing said.
Hong Kong-based Euro Properties, a member of Euro Group International, specializes in investment, development and marketing of prime residential and mixed-used projects, the filing said.
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