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Tee International to sell 37.2% stake in associate CMC Infocomm for S$5.37m
TEE International said on Monday it has agreed to sell a 37.21 per cent stake in associate CMC Infocomm (CMCI) to Yinda Pte Ltd for S$5.37 million.
CMCI is listed on Singapore's Catalist board.
The sale and purchase agreement was entered into on Friday. After the sale of 56.55 million shares, Tee International will still be left with 7.45 million CMCI shares, and CMCI will cease to be an associate company of Tee International.
Yinda will concurrently acquire the same number of CMCI shares at the same price from CMC Engineering Sdn Bhd (CMCE), another substantial shareholder of CMCI, hence triggering a mandatory general offer for the remaining shares of CMCI.
Both Tee International and CMCE have undertaken not to accept the offer for their remaining CMCI shares, nor transfer, dispose of or encumber these shares for a period of six months.