TEE International announced on Thursday (Nov 3) that its chief financial officer (CFO) Chua Siong Kiat is resigning to pursue other career opportunities and his role will be undertaken by the group’s chief financial controller and corporate finance senior manger.

In a bourse filing, the group noted that with the majority of its debt restructuring work complete, successful implementation of the new financial reporting announcements requirements and format, and successful completion of the re-audit for the financial statements of the FY ending May 31, 2020, Chua believes it is time to move on.

Chua, 51, was appointed as the group’s CFO on Oct 10, 2021 to chart the group’s business strategies and be responsible for the corporate finance of the company including listing compliance and investor relations. He was also in charge of its financial reporting and accounting.

According to the company’s website, before joining Tee International, Chua was self-employed as a director of Lighthouse Business Consulting, a boutique business consulting firm. 

He has over 25 years of international broad-based financial and management experience, mainly in real estate investment and development, building construction and materials, healthcare and medical assurance sectors.

Tee International currently does not meet the minimum requirement of having three audit committee members, and has two independent directors currently residing in Singapore.

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In August this year, the company entered into a conditional subscription agreement with Meta5 to issue new shares in the company worth S$7.5 million. Tee International is also proposing a rights issue to raise S$3.5 million, bringing the total amount the company plans to raise to S$18.5 million.

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