SINGAPORE (Nov 29): TEE International is undertaking a rights issue of up to 190.7 million new shares at 10 cents each to raise $19.1 million.

The issue price represents a discount of 45.4% to the last transacted price of 18.3 cents on Nov 28 – the last market day before the announcement.

The right issue will be on the basis of 38 rights shares for every 100 existing shares held by the shareholders.

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