TEE International

TEE International: Group lodged its preliminary prospectus with MAS for the proposed spinoff of TEE Land on the main board of SGX. The IPO may raise at least $57.5m from the public tranche, in which the group intends to hold on to at least 70% of its stake. TEE Land's portfolio stood at $394.6m as at 30 Nov 2012, with 10 property development projects that has been launched and are in various stages of completion. TEE Land is currently undertaking another 8 property development projects that have not been launched. Upon a successful spinoff of TEE Land, the group will be able to realize the value of its properties, whereby the proceeds will be used to fund its Myanmar cement business, and a special dividend on the remaining. Cornerstone investors include Koh Wee Meng (Fragrance Grp CEO) and 2G Capital co-founder Tommie Goh.