TEE Land to record $6.2 mil loss as it disposes entire 31.88% stake in Chewathai

SINGAPORE (Dec 20): TEE Land’s wholly-owned subsidiary, TEE Development, has entered into a share sale and purchase agreement with Chartchewa Company to dispose its entire 31.88% interest in Thai subsidiary Chewathai Public Company.

The group expects to receive net proceeds of approximately 318.0 million baht ($13.1 million) from the proposed disposal, recording a non-cash net loss of approximately 149.4 million baht.

TEE Development is one of the major shareholders of Chewathai, holding some 239.1 million shares in the company with par value of 1 baht (4.1 cents) each.

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