Tee International to sell Tee Land stake to Amcorp for S$50.62m

Singapore

MAINBOARD-LISTED Tee International has entered into a conditional agreement to sell its 63.28 per cent stake in Tee Land to a unit of Malaysia's Amcorp Group for S$50.62 million in cash, or S$0.179 per share.

Separately, Tee International's former chief executive Phua Chian Kin has also entered into a conditional agreement with Amcorp to sell his 5.5 per cent stake in Tee Land, comprising about 24.6 million shares, at the same price, the company said in a Monday bourse filing. (see amendment note)