Friday 29 Mar 2024
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SINGAPORE (Jan 13): Malaysia's Amcorp Group plans to pay just over S$55 million for a controlling stake in local developer TEE Land.

Amcorp, controlled by Tan Sri Azman Hashim, will buy a 63.28% stake in TEE Land from its existing parent company, TEE International. It will also buy over a separate 5.5% stake in TEE Land held directly by TEE International's controlling shareholder, Phua Chian Kin, popularly known as CK.

At 17.9 Singaporean cents per share, the selling price represents a premium of 9.1% over TEE Land's last traded price of 16.9 Singaporean cents on Jan 9. However, the proposed transaction price is below TEE Land's net asset value of 31.9 Singaporean cents as at Nov 30 2019.

According to TEE International, it will be able to book net proceeds of...(click on link for full story on theedgesingapore.com)
 

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