Corporate digest

Tee International, Tee Land

TEE International on Monday said that it is currently undertaking a strategic review in relation to its subsidiary, Tee Land, to "evaluate opportunities and positioning" to maximise potential value for stakeholders.

Tee Land is a boutique property developer that has done residential, commercial and industrial property development projects in Singapore and Malaysia. It also invests in income-generating properties, including a hotel in Australia and short-term accommodation premises in New Zealand. Tee Land has been listed on the main board of the Singapore Exchange since 2013.

AF Global

AF GLOBAL has agreed to sell its full ownerships rights to the Crowne Plaza London Kensington hotel in the United Kingdom for £84.4 million (S$146 million) in cash, the property and hospitality group said on Monday.

Those rights are the primary asset of LC London, AF Global's wholly owned subsidiary that is being sold to a buyer who was selected following a competitive bid process. The sale will represent a net gain of about S$14.4 million.

Keppel Corp

KEPPEL Corporation on Monday said that Keppel Shipyard, a wholly owned subsidiary of Keppel Offshore & Marine, has received a limited notice to proceed from Golar LNG to begin early conversion works for the Gimi FLNG over a period of up to four months, worth up to S$50 million.

The Gimi FLNG is slated to support Phase 1 of the Greater Tortue/Ahmeyim project located offshore West Africa. Full construction activities will commence when Keppel Shipyard receives the final notice to proceed. A further announcement will be made when the final notice to proceed has been received, Keppel said.