Under Singapore market rules, shareholders are obliged to make a general offer for the remaining shares in a company if their stake crosses 30%.
SINGAPORE (Feb 3): Malaysia’s Amcorp Group has assumed control over TEE Land and is making an offer of 17.9 cents per share to buy over the remaining 31.22% of TEE Land in which it hasn’t already own.
This offer comes three weeks after the announcement that Amcorp plans to buy over a combined 68.78% stake in TEE Land from its parent TEE International and from Phua Chian Kin, TEE International’s controlling shareholder.
