TEE International to resume trading on Tuesday

TRADING in the shares of TEE International will resume on Tuesday following the release of the outcome of a scheme meeting on Monday.

The counter was last traded at 21 Singapore cents.

TEE International had announced that the proposed scheme of arrangement involving a buyout offer by its group chief executive and managing director Phua Chian Kin at 21.5 Singapore cents cash apiece was not approved by the requisite majority.

Some 82.1 per cent of the number of shareholders present - either in person or by proxy - 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 - just shy of the 75 per cent in value of the shares that was required to push the scheme through.

With that, the scheme will not be implemented and has lapsed and the company will remain listed on the Singapore Exchange's main board.