TEE International's subsidiary eyes listing on SGX

It has obtained eligibility letter from the Mainboard.

SGX-Mainboard listed TEE International Limited announced that its wholly-owned subsidiary and the investment holding company for its real estate businesses, TEE Land Private Limited, has obtained a letter of eligibility-to-list from the Singapore Exchange Securities Trading Limited for the listing of and quotation for all of TEE Land’s issued ordinary shares.

While TEE Land will continue to remain a subsidiary of the Company, TEE Land expects to issue new TEE Land Shares such that the Company’s shareholding interest in TEE Land will be diluted by at least 20% immediately after the Proposed Listing.

Consequently, TEE International would be required to seek prior approval from its shareholders for the Material Dilution in an extraordinary general meeting to be convened in due course.