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Tee International 'evaluating opportunities' for Tee Land in strategic review

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.

In its announcement, Tee International said that: "Shareholders should note that there is no assurance that any transaction will materialise from the strategic review or that any definitive or binding agreement will be reached."

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It will make further announcements as appropriate. 

Tee International's share prices closed 0.3 Singapore cent lower at S$0.172, while Tee Land shares did not trade on Monday.