TEE Land sells 31.88% stake in Thai property developer

By
/ EdgeProp
|
December 21, 2017 12:45 PM SGT
Singapore-listed boutique developer TEE Land announced on Dec 20 that it is selling its entire 31.88% stake in Thai property developer Chewathai for THB117.04 million ($4.81 million). The buyer is Thai real estate firm Chartchewa Company Limited.
TEE Land says it expects to receive net proceeds of about THB318.03 million from the sale, which will be “re-allocated and invested in property development in Singapore”.
According to TEE Land, the consideration took into account – among other things – the net asset value of Chewathai, which stood at approximately THB978.25 million as at Sept 30.
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