Tee International’s plans to raise up to S$14m fall through

TEE International’s earlier plans to raise up to S$14 million through new share subscription and issue has fallen through after its 2 investors decided not to proceed with the proposed transactions, it said in an announcement on the Singapore Exchange on Tuesday (Aug 2).

This comes after the mechanical and electrical services group had earlier announced its entry into a non-binding term sheet to issue the 2 investors a total of S$7 million worth of subscription shares, and at the same time grant them the option to require the company issue new shares worth up to S$7 million to themselves or their designated nominees.

Proceeds from the proposed subscription of new ordinary shares - after deduction of expenses - were to be used for the working capital purposes of the group and to fund the growth of its businesses.

No reasons were provided for the investors’ decision.

Trading in Tee International’s shares has been suspended since June 2021.