Tee International receives notice from DBS to take possession of 33 Changi North Crescent

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.

In August, Tee International had filed an application for a moratorium. In addition, there are three claims against the company to date, amounting to about S$13.7 million.

Trading in Tee International's shares has been suspended.