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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."
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.