Tee International says wholly-owned subsidiary Tee Management has entered into a Memorandum of Understanding (MOU) with Taman Tasik Gemilang Sdn Bhd to jointly develop a residential apartment development in Kuala Lumpur, Malaysia.

Under the agreement, Tee Management will take up a 50% stake in Taman Tasik Gemilang.

TEE International says funding for the share subscription will be made from internal resources. It is not expected to have any material impact on the net tangible assets and earnings per share of the group for the financial year ending May 31, 2010.