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TEE Land launches IPO at 54 cents per share

Published on May 30, 2013 10:31 PM
 
Mr Jonathan Phua helms TEE Land, a property development unit of TEE International, an engineering and real estate firm. PROPERTY developer TEE Land launched its initial public offering (IPO) today and aims to raise net proceeds of $57.8 million. -- ST PHOTO: ALPHONSUS CHERN 

PROPERTY developer TEE Land launched its initial public offering (IPO) today and aims to raise net proceeds of $57.8 million.

TEE Land, which is the development unit of mainboard-listed TEE International, is offering 115 million shares at 54 cents apiece.

It has set aside six million shares to retail investors and the rest are on placement.

The firm intends to use up to $21 million of the proceeds to repay loans and advances, while $26 million will be earmarked to fund new property developments and investments. The balance will go towards working capital.

 
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