Phua Chian Kin, Tee International’s controlling shareholder has agreed to sell 23% stake (150 million shares) in the group for S$9 million in cash or S$0.06 per share. Mr. Phua also stated the board that he has no intentions to sell off his balance shareholding, after allegedly being involved in the unauthorised transactions totalling S$6.55 million made by Tee International’s subsidiaries to related parties.
Business Times has reported that Mr. Phua lost his majority stake in TEE International after forced sales by three institutions to whom he had pledged parts of his shareholdings. They were:
- RHB Securities forced sold nearly 41.52 million shares
- DB Nominees (Singapore) forced sold 21.88 million shares
- SBS Nominees forced sold 18.81 million shares
Prior to this, Mr Phua’s direct interest was 51.95 per cent and deemed interest, 6.37 per cent. Post the proposed transaction, his direct interest will be 16.24% while his deemed interest will be 6.37%