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.

According to the company’s most recent annual report, Phua owns just over 57% of the company.

However, there was no word on who the buyer is.

See: TEE International's ex-CEO allegedly involved in unauthorised payments now in talks for sale of his shares

“The completion of the Proposed Sale is subject to the fulfilment of certain conditions and is expected to take place on or before 31 October 2019 upon the fulfilment of said conditions,” the company adds.

Assuming completion of the sale, Phua would be left with a direct stake of 16.24% and a deemed stake of 6.37% in the company.

He was in the news recently for making remittances amounting to $6.55 million from TEE International, to entities which he personally holds. The remittances, discovered during annual audit by external auditors Deloitte, have since been repaid in full.

See: TEE International appointing investigator to look into unauthorised payments totalling $6.55 mil

On Sept 13, TEE International it has appointed PricewaterhouseCoopers Risk Services as an external investigator to look into unauthorised transactions.

In the meantime, Phua's younger brother, Phua Boon Kin, has taken over as the interim CEO.