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Amcorp assumes control over TEE Land

The Edge Singapore
The Edge Singapore2/3/2020 10:09 PM GMT+08  • 2 min read
Amcorp assumes control over TEE Land
This offer comes three weeks after the announcement that Amcorp plans to buy over a combined 68.78% stake in TEE Land from its parent TEE International and from Phua Chian Kin, TEE International’s controlling shareholder.
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SINGAPORE (Feb 3): Malaysia’s Amcorp Group has assumed control over TEE Land and is making an offer of 17.9 cents per share to buy over the remaining 31.22% of TEE Land in which it hasn’t already own.

This offer comes three weeks after the announcement that Amcorp plans to buy over a combined 68.78% stake in TEE Land from its parent TEE International and from Phua Chian Kin, TEE International’s controlling shareholder.

Under Singapore market rules, shareholders are obliged to make a general offer for the remaining shares in a company if their stake crosses 30%.

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