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Revisions

TEE International CEO Phua fails to push through privatisation scheme

PC Lee Published on Tue, Aug 22, 2017 / 7:26 AM GMT+8

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SINGAPORE (Aug 22): The proposed privatisation and delisting of TEE International by its group CEO has fallen through when put to the vote at a postponed meeting with shareholders on Monday.

According to a filing last night, 82.1% of the number of shareholders present voted for the privatisation and delisting scheme of arrangement but in terms of total number of shares, the scheme garnered only 74.84% of support.

This is just short of the 75% required to approve the scheme.

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