CEO offers S$0.215 or stock per share to delist TEE Int'l

Singapore

TEE International chief executive Phua Chian Kin is offering 21.5 Singapore cents or new equity per share to take the company private through a scheme of arrangement, the engineering and real estate group announced on Saturday.

Mr Phua is making the offer through wholly owned vehicle Oscar Investment. Under the proposed scheme, TEE shareholders may receive cash or one new share in Oscar for every TEE share held. It was not disclosed how many shares of Oscar have already been issued.