Report: Amcorp to buy over Singapore's TEE Land from TEE International for S$55m

PETALING JAYA (Jan 14): Amcorp Group intends to buy a controlling stake in Singapore developer TEE Land for about S$55 million (RM165.89), the Edge Singapore reported yesterday.

The report said Amcorp, controlled by Tan Sri Azman Hashim, will buy a 63.28% stake in TEE Land from its parent company, TEE International. It will also buy over a separate 5.5% stake in TEE Land held directly by TEE International's controlling shareholder, Phua Chian Kin, more commonly known as CK.

The selling price of 17.9 Singaporean cents per share is a premium of 9.1% over TEE Land's last traded price of 16.9 Singaporean cents on Jan 9. However, the proposed transaction price is below TEE Land's net asset value of 31.9 Singaporean cents as at Nov 30 2019.

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