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Tee International unit buys Arrow Waste Management for S$100,000
LOSS-MAKING Tee International late on Friday said that its subsidiary, Tee Infrastructure, has signed a conditional sale and purchase agreement with S Awtar Singh and Gajendra Singh to acquire a full stake in Arrow Waste Management for S$100,000.
The proposed acquisition will take place by Jan 31, 2019. Subject to completion and according to agreement terms, the sale shares have been transferred to Tee Infrastructure on Friday.
Details of the deal are scant as the value of the transaction is not significant enough to require a full disclosure under listing rules, Tee International said.
The purchase price was arrived at after arm's length negotiations and on a willing-buyer willing-seller basis, and no valuation of the sale shares was conducted.
The purchase price will be funded through internal resources and is not expected to have any material impact on the group's net tangible assets per share and earnings per share for the financial year ending May 31, 2019, it added.