TEE delisting on the card

SINGAPORE - TEE International said its controlling shareholder, Mr Phua Chian Kin, is in the midst of finalising a proposal to delist and privatise the company.

Trading in the shares will be halted the whole week pending his announcement.

The proposal, which is awaiting the finalisation and execution of definitive documentation, is expected to be announced at the end of the week.

As a result, the company has sought and obtained an extension of the trading halt by an additional two market days to Friday, March 31.

TEE shares ended at 19.1 cents last Friday.

In its latest results filing in January, TEE said its net profit for the second quarter fell 70.4 per cent to S$1.07 million from S$3.35 million a year ago led by lower contribution from share of results of associates and joint venture.

The group reported a 6.6 per cent increase in revenue to S$64.7 million, largely due to higher progressive revenue from development properties that was offset by lower revenue from on-going engineering projects.