Tee International buyout fails to pull through at scheme meeting

Singapore

BY a narrow margin of votes, TEE International's proposed scheme of arrangement involving a buyout offer by its group chief executive and managing director Phua Chian Kin at 21.5 Singapore cents a piece failed to pull through at a scheme meeting on Monday.

The company announced on Monday that some 82.1 per cent of the number of shareholders present voted for the resolution that required a simple majority vote but in terms of number of shares, the scheme drew 74.84 per cent of support - marginally short of the 75 per cent in value of the shares that was required to push it through.