Property developer TEE Land Ltd, a unit of TEE International Ltd, has launched its initial public offering (IPO), following the lodging of its final prospectus with the Monetary Authority of Singapore on Thursday.
The offer opened at 9am on Thursday and closes at 12 noon on June 4.
TEE Land is planning to offer 6 million shares to the public and place out 109 million shares, including 11 million shares reserved for subscription. Both the offer and placement price is at S$0.54 each.
Of the net proceeds of S$57.8 million raised, TEE Land plans to use S$26 million to fund expansion via new property development projects, joint ventures, acquisitions, and investments; up to S$15 million to repay loans and advances to TEE International; S$6 million to repay bank loans; and the rest for working capital.
30 May 2013, 9.00 a.m. Opening of Invitation
4 June 2013, 12.00 noon Close of Application List
5 June 2013 Balloting of
applications, if necessary (in the event of over-
subscription for the Public Offer Shares)
6 June 2013, 9.00 a.m. Commence trading on a “ready” basis
11 June 2013 Settlement date for all trades done on a “ready” basis
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