Amcorp to buy over TEE Land from TEE International for $55 million

By The Edge Singapore
/ The Edge Singapore |
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SINGAPORE (Jan 13): Malaysia’s Amcorp Group plans to pay just over $55 million for a controlling stake in local developer TEE Land.
Amcorp, controlled by Tan Sri Azman Hashim, will buy a 63.28% stake in TEE Land from its existing 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, popularly known as CK.
At 17.9 cents per share, the selling price represents a premium of 9.1% over TEE Land’s last traded price of 16.9 cents on Jan 9. However, the proposed transaction price is below TEE Land’s net asset value of 31.9 cents as at Nov 30 2019.
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