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Tee Land's offeror plans to restore free float
MAINBOARD-LISTED Tee Land on Tuesday disclosed that it has lost its free float. This means the Singapore Exchange may suspend trading of the developer's shares at the close of the offer on March 20, 5.30pm.
As at 5pm on Tuesday, the number of shares owned, controlled or agreed to be acquired by offeror Amcorp Group stood at 91.06 per cent.
Amcorp plans to restore the free float, so as to lift the trading suspension and keep Tee Land listed.
This is by undertaking or supporting any action which ensures at least 10 per cent of the total number of shares - excluding treasury shares - are held by at least 500 shareholders who are members of the public.
However, there is no assurance that timely and appropriate actions can be taken as these are dependent on prevailing market conditions at the relevant time, Tee Land said in a regulatory update.
In a separate announcement, Tee Land said it will hold an extraordinary general meeting on April 9 for its shareholders to vote on the proposed disposal of Tee Industrial to Tee International and the proposed name change to Amcorp Global Limited.
Tee Land shares closed flat at 17.8 Singapore cents on Tuesday.