TEE International will apply for a further extension of time to submit its revised trading resumption proposal, after it extended the longstop date of its subscription agreement with Meta5.

The mainboard-listed company said in a bourse filing on Saturday (Oct 7) that it expects to require more time to be able to prepare a viable resumption proposal. 

This comes after it signed a second supplemental agreement last Friday with Meta5 to amend the longstop date of its subscription agreement by six months to Mar 31, 2024. 

The extension was sought as Tee International is still in the process of fulfilling conditions set out in the conditional subscription agreement it signed with Meta5 last August to issue new shares worth S$7.5 billion. 

Proceeds from the subscription will be used to repay eligible creditors, as working capital and to fund the growth of the company’s business.

In January this year, the company also entered an agreement with Meta5 for a term loan of up to S$1.8 million, to fund restructuring costs, mortgage loan instalments and operating expenses.

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Prior to the subscription agreement, Tee International had planned to raise up to S$14 million through a new share subscription and issue, but this fell through after two investors decided not to proceed.

Trading in Tee International’s shares has been suspended since June 2021.