TEE International

TEE International: After the successful listing of TEE Land, TEE International will have a $15m receipt from TEE Land, for the repayment of loans as a one of the positive factors from the spin-off. The proceeds will be used to fund its Myanmar cement business, and a special dividend on the remaining. On its Myanmar cement business, TEE International last signed an MOU (9 Nov 2012) with Ayeyarwaddy Cement- a subsidiary of A1 Group, to set up a JV-company to develop and operate a fully integrated cement plant to manufacture portland cement for sale in Myanmar. Group is currently in the midst of technical studies, with the JV to be formed by 31 Jul 2013. Also, group announced previously (3 Apr 2013) that they have entered an agreement with Yongnam Holdings Limited and Samwoh Corporation Pte. Ltd. for the purposes of investing into a consortium with JGC Corporation and Changi Airport Planners and Engineers Pte. Ltd. to jointly participate in the submission of a tender for the construction, management, operation and maintenance of the Hanthawaddy International Airport in Myanmar, of which Yongnam just announced the submission of its proposal to the Myanmar Dept of Civil Aviation yesterday