Amcorp assumes control over TEE Land

SINGAPORE (Feb 4): Malaysia’s Amcorp Group has assumed control over TEE Land yesterday and is making an offer of 17.9 Singapore cents per share to buy over the remaining 31.22% of TEE Land in which it hasn’t already own.

This offer comes three weeks after the announcement that Amcorp plans to buy over a combined 68.78% stake in TEE Land from its parent TEE International and from Phua Chian Kin, TEE International’s controlling shareholder.

Under Singapore market rules, shareholders are obliged to make a general offer for the remaining shares in a company, if their stake crosses 30%. 

As part of the change in ownership, TEE Land CEO Jonathan Phua, and two non-executive directors, Edwin Neo and Timothy Ong, will be resigning.

Amcorp's offer of 17.9 Singaporean cents is a...(click on link for full story on theedgesingapore.com) 

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