SINGAPORE (Sept 16): Phua Chian Kin, the former CEO of TEE International, has signed a term sheet to sell 150 million shares he held in the company at 6 cents per share, or $9 million.

The quantum of shares represents some 23% of the entire company, TEE International announced on Sept 16.

The sale, if completed, means Phua will no longer the single largest shareholder and that he is giving up control of the company.

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