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

By The Edge Singapore / The Edge Singapore | January 16, 2020 2:29 PM SGT
Amcorp to buy over TEE Land from TEE International for $55 million
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.
ADVERTISEMENT
This article - Amcorp to buy over TEE Land from TEE International for $55 million is originally from TheEdgeSingapore.com
Read also:
Follow Us On
Our Sites
Edgeprop.sg (previously known as The Edge Property Singapore) – is the best property portal for home-seekers, buyers, investors and real estate agents alike in Singapore. On EdgeProp, you will be able to find all the latest news and views, informational guides, historical transactions and rental searches, and research data and analysis.
Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDB flats, landed houses or commercial properties, we bring you Singapore’s the most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions.
Make better decisions with our easy-to-use free and paid tools. The Edge Fair Value tool lets users calculate the fair value of a property and find properties below market value in Singapore. Meanwhile, discover all things en bloc, including Singapore en bloc news, trends and our En Bloc Calculator, which helps to determine the probability of a Singapore project being put up for collective sale.
Web Version 4.3.2
Aside from that, EdgeProp also offers a market trend tracker that lets you access historical property data, sales volume and compare how similar properties are selling, a heat map that lets you find out where all Singapore’s most popular property sales locations are, a HDB lease tool that lets you calculate your HDB tenure, an affordability calculator, and a property watch list to track your preferred Singapore property by project or location, as well as new launches.
On the lookout for undervalued property or buying to rent? EdgeProp’s powerful search filters let you personalise your property-seeking experience – whether you are looking for a property near MRT stations, amenities like schools and childcare centres, or a good-value condo with a sea view – so that you find exactly what you are looking for.