TEE International: Controlling shareholder to sell 23 percent stake

Singapore two-dollar bills

TEE International’s controlling shareholder, Phua Chian Kin, has informed the company he has entered into a binding term sheet to sell 150 million shares, or around a 23 percent stake for a total S$9 million in cash, the company said Monday.

The deal is expected to be completed on or before 31 October. On completion, Phua will have a direct interest of 16.24 percent and a deemed interest of 6.37 percent, TEE International said in a filing to SGX.

Phua said he doesn’t intend to sell his remaining shares, the filing said.

TEE International requested the trading halt on its shares be lifted, effective Tuesday.

Last week, 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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