TEE International to spin off infrastructure business

Singapore

MAINBOARD-listed engineering group TEE International on Monday said it plans to spin off its infrastructure arm and list it on the Singapore Exchange's Catalist board.

TEE International intends to maintain a controlling interest in the business thereafter.

Its infrastructure business comprises a 50.1 per cent stake in Singapore-based G3 Environmental, which offers on-site and off-site management, collection and transport of waste, and processing of recyclables; as well as a 21.05 per cent stake in PowerSource Philippines Distributed Power Holdings, which owns a 25-megawatt greenfield thermal hy…