Tee International/ Allied Technologies

Tee International/ Allied Technologies: Allied Technologies announced a waiver given by SGX-ST, on the requirement to seek shareholders' approval for the disposal of property located at 25 Bukit Batok St 22, to Tee International. Previously on 25 Feb, Tee announced an Option to Purchase the property for $9.2m ($200k above market value). Proposed IPO of its real estate segment on track for May listing; Company plans to inject $16m worth of property assets into Tee Land, and pre-IPO investors have agreed on a $4m investment, upon completion of restructuring. Proceeds will be used for acquiring new land. Recent subsidiaries indicate hints of expansion into new segments- Hospitality and Industrial. A successful spin-off will benefit the group by helping it to unlock the value of its property business. TEE has plans to keep a ~70% stake in Tee Land, which it sees as a valuable source of future earnings. Part of proceeds from the spin-off would be for a special dividend, and remaining to fund Myanmar's cement business.