Tee International

Tee International: Acquiring holiday-home property, Riccarton Holiday Park, in Christchurch to convert it into a workers' temp accommodation. Aims to house up to 300 workers and displaced residents. Co will hold 75.1% in jv, with partner Artmatic Hldgs. Tee exercised its option to purchase the property for total NZD6.74m or S$7.13m. Mgmt believe there is a strong demand for the numerous skilled construction professionals who will converge at Christchurch due to a mega rebuilding programme initiated by the city govt. Tee International trades at 9.3x historical P/E, 2.0x P/B;