Corporate digest

Tee International

MAINBOARD-LISTED Tee International said that it has received a letter on Sept 9 from lawyers acting for DBS Bank in which the bank gave notice that it will be exercising its rights to take possession of the mortgaged property at 33 Changi North Crescent, one month from the date of service of the letter.

This was in connection with certain banking facilities provided by DBS.

Tee International said that it is currently reviewing the letter with its appointed financial consultant, RSM Corporate Advisory, as well as its legal advisers, and will take appropriate action accordingly.

Darco Water Technologies

SINGAPORE Exchange regulators (SGX RegCo) on Friday ordered Darco Water Technologies to disclose a detailed report on the status of its proposed investment in the Gaoyi domestic wastewater treatment project with input from its legal advisers by Sept 17.

The company is to disclose details of the current ownership structure in the Gaoyi project, including those of former non-executive deputy chairman Wang Zhi, special purpose vehicle for the project Huize, He Bei Kai Yuan Cheng He Water Engineering Co (HKC) and Wo De Si Yuan Group Co (WDSY), as well as the relationships between these parties.

In 2018, the company announced that it had signed a non-binding letter of intent with Mr Wang in respect of a proposed investment in the Gaoyi project, which holds a 30-year concession on a wastewater treatment plant.

It was disclosed then that Mr Wang will transfer 100 per cent of his equity interest in the Gaoyi project to the group, which he held through HKC. Mr Wang was the controlling shareholder of HKC.

The company said that HKC had signed a cooperation agreement with WDSY, the Chinese company that had successfully won the project in an open tender from the Gaoyi County Government in December 2016.

SGX RegCo is ordering the company to disclose details of the water treatment asset that is supposed to be transferred to it, as well as the facts and circumstances surrounding the extension of deadline for the transfer of the Gaoyi project, including the board's assessment and bases for the extension of the deadline.

Darco shares last changed hands at S$0.186.