Tee International gets US$15m boost from Pierfront Capital

MAINBOARD-LISTED TEE International said on Tuesday that the group has secured a US$15 million investment from Pierfront Capital Mezzanine Fund, a Temasek group investment company which focuses on growth capital for asset and corporate acquisition, refinancing and project expansion.

The investment company offers junior debt, mezzanine and structured financing solutions in capital-intensive businesses across a wide range of sectors including, but not limited to, infrastructure, energy, transportation, telecommunications and logistics.

CK Phua, group chief executive and managing director of TEE, said that it was trade agency International Enterprise Singapore that linked the companies up.

"With new capital being pumped in, we are excited to see our infrastructure business scale to new heights in the coming years," he said.

TEE is looking to explore expanding its wastewater treatment plant business in Thailand. Its first hybrid thermal power plant in Iligan, Philippines is expected to be commissioned and start operations in the second half of 2018.

Stephane Delatte, chief investment officer of Pierfront Capital, affirmed support for TEE. "With the firm belief in its business strategies and future plans, we look forward to seeing TEE expand and grow further internationally," he added.