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TEE International's proposed privatisation scheme fails to pull through at meeting

TEE International's proposed scheme of arrangement involving a privatisation and delisting offer by the company's group chief executive and managing director Phua Chian Kin failed to get the go ahead at an adjourned scheme meeting with shareholders on Monday.

The Business Times understands that about 82.1 per cent of the number of shareholders present 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 - marginally short of the 75 per cent in value of the shares that was required to push the scheme through.

The scheme meeting was earlier scheduled on July 31, but was adjourned instead to Aug 21 which the company said would enable shareholders more time to take into consideration its unaudited financial results for the financial year ended May 2017 that was released on July 30.

On April 1, it was announced that Oscar Investment Private Ltd, a private company incorporated in the British Virgin Islands and wholly owned by Mr Phua entered into a proposed scheme of arrangement implementation with TEE International for the offeror to privatise and delist the company for 21.5 Singapore cents cash per share.

The company had requested a trading halt last Friday after market close pending the release of the outcome of the scheme meeting. TEE International was last traded at 21 Singapore cents.