Tee International, on Dec 14, 2023, announced that it was proposing to acquire Carats&Co, a signs and displays manufacturer for around $14.0 million. The company entered into a binding term sheet with Carats&Co’s shareholders on the same day.
Tee International announced, on Jan 12, that it has received a notification of delisting from the Singapore Exchange (SGX:S68
) Regulation (SGX RegCo).
The company received a rejection by the Singapore Exchange Securities Trading Limited (SGX-ST) on Jan 10 after it was unable to provide substantive details of its proposed acquisition. The company also failed to prove that its plans – including the proposed acquisition – would enable it to operate as a going concern and enable trading resumption.
