TEE International: CEO received offer to buy his shares; brokerages force-sell some shares

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TEE International’s CEO and managing director, Phua Chian Kin, has informed the company he received offers to buy the shares he holds, the company said in a filing to SGX Friday.

“Mr. Phua has informed the board that he is currently in negotiations with certain third-party purchasers for the sale of part of his shares in the company,” the filing said. “The board is not aware if the potential transaction, if completed, will lead to an offer for the shares of the company in due course.”

Phua told the company Friday he has a direct interest of 39.24 percent and a deemed interest of 6.37 percent in TEE International shares, the filing said.

In a separate filing to SGX, TEE International said RHB, DB Nominees (Singapore) and SBS Nominees all force sold some of Phua’s shares after he pledged part of his stake.

RHB force sold 41.52 million shares, DB Nominees (Singapore) sold 21.88 million shares, and SBS Nominees sold 18.81 million shares, the filing said.

The sales took his total interest to 45.61 percent, based on 39.24 percent directly held and 6.37 percent deemed interest, from 58.32 percent previously, the filing said.

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