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TEE International Ltd Proposes Acquisition Of 55% Of Issued And Paid-Up Share Capital Of Interlift Sales Pte Ltd

Friday, 3 May 2013 09:28am EDT 

TEE International Ltd announced that it has, on May 3, 2013, entered into a Sale and Purchase Agreement (S&P) to acquire 429,275 ordinary shares issued at $1.00 each per share (Sale Shares), representing 55% of the issued and paid-up share capital of Interlift Sales Pte Ltd (Interlift) from the existing shareholders of Interlift (Acquisition) namely, Messrs Lu Soon Hoe, Tang Kwok Keong, Tan Kim Huat, Tan Kim Pua, Tan Nguan Heng and Tan Choon Kwang. Interlift will be a subsidiary of the Company consequent to the proposed Acquisition. Interlift was incorporated in Singapore in 1983 comprising of an issued and paid-up share capital of 780,500 ordinary shares. Interlift is a manufacturer of material handling equipment and systems. The total consideration of SGD3,122,431.40 is calculated on an arm's length basis and negotiated and arrived on a willing-buyer and willing-seller basis. No valuation of the shares was conducted. The total consideration comprises the Initial Consideration and the Deferred Consideration. The Company shall pay the Initial Consideration of SGD2,000,000.00 on the completion of the sale and purchase of the Sale Shares. The Deferred Consideration shall be paid within 30 days from the receipt of a certified true copy of Interlift’s audited accounts for the financial year ended March 31, 2013. The Consideration would be funded by internal resources and bank borrowings 

Company Quote

0.0050 +1.92%
19 Dec 2014