Next, with irrevocable undertaking from its controlling shareholder, Tramore Global, which holds a stake of 53.4%, Tee International plans to launch a rights issue to raise net proceeds of around $3.36 million.
Tee International to hold an EGM to seek shareholders' go-ahead to first consolidate its shares, and then, undertake a rights issue.
According to the company on April 2, it plans to consolidate its share base at a ratio of 50 into 1, believing that the consolidated book value and share price will make it more attractive to the market.
