Proposed share sale by TEE controlling shareholder 'pending completion'

THE proposed sale of shares in TEE International by controlling shareholder Phua Chian Kin "is still pending completion amidst ongoing discussions between Mr Phua and the buyer", said the mainboard-listed firm on Tuesday night.

"Mr Phua will further update the board once the completion date for the proposed sale is finalised," it added.

The sale completion date had originally been set for Oct 31, and was then delayed to Dec 31, 2019 "as requested by the buyer".

TEE International said it would make necessary announcements as and when there are material developments. "Shareholders should note that there is no assurance that the proposed sale will be completed," it added, advising them to exercise caution in trading their shares.

TEE International shares closed up 0.2 Singapore cent or 3.57 per cent to 5.8 Singapore cents on Tuesday before the announcement.