TEE International Ltd *Official* (SGX: M1Z)

[Shion]

TEE International grows new waste-to-energy wing

http://www.theedgemarkets.com.sg/sg/article/tee-international-grows-new-waste-energy-wing

SINGAPORE (Oct 14): NRA Capital has issued a “overweight” call on TEE International with a fair value of 34.5 cents given the group has declared its intention to expand into waste-to-energy projects.

In a Thursday report, analyst Liu Jinshu warns that while such ambitions are encouraging, FY17 might be a flat year for the company with margins in its mechanical and engineering (M&E) business offsetting growth in other segments.

In FY16, TEE International’s gross margins dropped to 7.4% causing gross profits to flatten out at $16.7 million despite a 44% growth of group revenue to $226.8 million.

TEE International recently won contracts worth $48 million; raising the order book to $372 million as of Oct 13. Projects in the order book include works to AXA Tower and the new PSB academy in Marina Square. The company is also looking overseas for contracts, which promises higher margins of about 10%.

(See also: TEE International announces $48 mil of new contract wins)

For FY17, Liu expects a 5% revenue growth M&E and infrastructure revenue growth to $238.2 million and gross margins of 7.5%. Earnings for this business segment is expected to fall to $2.9 million in FY17 from $3.8 million in FY16, with the real-estate business expected to contribute more for a 4% earnings growth to $8.8 million in FY17 for TEE International.

TEE International has carved out the infrastructure business as separate operating segment, say Liu, as the business currently consists of associated interests in wastewater treatment, telecommunication infrastructure and power generation. The company currently has stakes in Global Environmental Technology (49%), CMC Infocomm (42.11%), and Powersource Philippines Distributed Power (21.05%).

Global Environmental Technology currently operates two wastewater treatment plants in Thailand, CMC Infocomm is a provider of telecommunication infrastructure services in Singapore, Thailand and Philippines. Power Source Philippines Distributed Power is a relatively new business that TEE International entered in 2015, and is engaged in the construction and operations of a 25 Megawatt plant in Mindanao, Philippines.

“If TEE International successfully adds waste-to-energy projects to the mix of businesses, we anticipate that the infrastructure business may also be spinned off a few years later,” says Liu.

Shares of TEE International closed flat at 21.5 cents.

 

[Mancunian2]

this company high gearing ratio,

 

[Kinetic88]

mother of TEE land.

CEO PCK.

 

[ccostagmont]

pingpong aunty company?

 

[Shion]

Tee International minority shareholders foil buyout offer at scheme meeting

Tee International minority shareholders foil buyout offer at scheme meeting

http://www.straitstimes.com/busines...rity-shareholders-foil-buyout-offer-at-scheme

SINGAPORE - Shareholders of property, engineering and infrastructure group Tee International have foiled an attempt by group chief executive Phua Chian Kin to take the group private.

At a scheme meeting held at Seletar Country Club on Monday (Aug 21) morning, 156 out of a total of 190 shareholders representing 102 million shares or 74.84 per cent of the total number of shares present and voting voted for the scheme.

This was less than the 75 per cent approval level needed for the scheme to pass.

A total of 34 shareholders representing 25.16 per cent of the total number of shares present and voting rejected the scheme.

Mr Phua, together with other concert shareholders who hold a combined 60.04 per cent of Tee International, did not vote on Monday.

Mr Phua had offered to buy out shareholders at 21.5 Singapore cents a share, just slightly above the group's net asset value of 20 cents a share as at Feb 28. The offer price also represents a 12 per cent premium to Tee's volume weighted average price per share for the three-month period leading up to the last market day before the offer was made in April.

The shares remain halted for trading. They last traded at 21 Singapore cents last Friday.

 

[Jupiter2017]

http://www.businesstimes.com.sg/com...a-contracts-to-build-noise-barriers-on-tracks
TEE Int'l bags S$56.5m of LTA contracts to build noise barriers on tracks
Mon, Oct 23, 2017 - 8:03 AM Kenneth Lim kenlim@sph.com.sg

ENGINEERING group TEE International has clinched S$56.5 million of contracts by Singapore's Land Transport Authority to build noise barriers along existing rail viaducts.
The contracts, which were awarded under the second phase of the procurer's rail viaduct projects, has begun on Oct 16 and are expected to be completed by 2020. With the latest contract, TEE's outstanding order book now stands at S$252.8 million.
TEE's portion of the project involves noise barriers along elevated tracks at existing MRT viaducts in the eastern, western and northern parts of Singapore.

 

[Jupiter2017]

http://www.businesstimes.com.sg/com...o-acquire-waste-management-provider-for-s185m
TEE, Advancer Global and investor to acquire waste management provider for S$18.5m
Mon, Nov 20, 2017 - 8:56 AM Navin Sregantan navinsre@sph.com.sg

MAINBOARD-LISTED TEE International Limited (TEE), Catalist-listed Advancer Global Limited and a financial investor are acquiring privately held waste management provider Chiang Kiong Environmental for S$18.5 million.
The amount will be paid by the shareholders of the joint venture vehicle in proportion to their shareholding. The proposed acquisition is expected to be completed by Dec 29, 2017, they said in an exchange filing on Monday.
TEE - an engineering real estate and infrastructure group, will hold a majority stake of 50.1 per cent in the joint venture through its wholly owned subsidiary TEE Infrastructure Private Limited. Advancer Global - an integrated workforce solutions and services provider, will hold 20.1 per cent stake through its wholly-owned subsidiary, Advancer Global Facility Pte Ltd, and the independent third party financial investor which is a business associate of TEE will hold the remaining 29.8 per cent.
The proposed acquisition will also see the joint venture acquire Chiang Kiong subsidiaries - Chiang Kiong Resources (Paper) Pte Ltd and Envotek Engineering Pte Ltd.
"We are excited with our participation in this strategic acquisition as it marks our inaugural collaboration with TEE Group and leapfrogs Advancer Global Group into waste management, which is a natural integration to our existing cleaning and stewarding services segment," said Gary Chin, Advancer Global CEO and executive director.
Edwin Neo, TEE's head of infrastructure, said: "We are elated to have Advancer Global Group partake in this joint venture to cement our strategic alliance. This acquisition complements TEE Infrastructure's business strategy of building capabilities within the Water, Power and Environmental value chain.
"We firmly believe that both TEE and Advancer Global will be able to value-add to Chiang Kiong Group, in turn growing and expanding its business in the industrial and commercial environmental service space."
TEE and Advancer Global will keep shareholders updated on the progress and completion of the proposed acquisition.
TEE shares closed flat at S$0.20 on Friday, while Advancer Global shares finished S$0.005 or 1.7 per cent up at S$0.305.

Price link: http://www.shareinvestor.com/fundamental/factsheet.html?counter=M1Z.SI

 

[Jupiter2017]

http://www.businesstimes.com.sg/com...onal-bags-s65m-worth-of-engineering-contracts
TEE International bags S$65m worth of engineering contracts
TUE, DEC 12, 2017 - 8:21 AM RACHEL MUI rachmui@sph.com.sg

MAINBOARD-listed TEE International on Tuesday said that the group has been awarded new engineering contracts worth S$65 million from September to November this year. These bring TEE's total outstanding order book to about S$318 million, the group said.
TEE's subsidiary, Trans Equatorial Engineering, was awarded two mechanical and electrical (M&E) sub-contracts from Dragages Singapore for the air-conditioning, mechanical ventilation and building management systems, as well as the electrical and extra low voltage (ELV) system for the proposed construction of a 51-storey commercial development near Market Street. This project is expected to be completed by the end of 2020.
Another contract was awarded to wholly owned subsidiary PBT Engineering. This contract is for the addition and alteration (A&A) works for the Ministry of Health's College of Medicine Building. Expected to be completed by the first half of next year, this agreement includes conservation works of a national monument in Singapore and maintenance of the building's central cooling system.
The group added it has also secured other fast turnaround M&E and A&A projects for some of its existing clientele during this period.
Said TEE's deputy group managing director Eric Phua: "We are heartened to be awarded the recent M&E project that involves providing complex and high value engineering services for the development of a 51-storey commercial building in the CBD (central business district). Our experience in delivering large-scale building services projects has strengthened our foundation over the years and we are poised to execute and deliver this project with full commitment.
"Besides the M&E division, we are also pleased to secure more projects relating to Asset Enhancement Initiative (AEI) works under our Building & Construction division. Going forward, we expect to continue to grow this division by securing more AEI projects, as well as greenfield construction projects."
Mr Phua added that there has been a greater emphasis from the the Building and Construction Authority to drive productivity technologies in the construction industry.
To this end, TEE has set up a task force to work with the relevant authorities to develop "Design for Manufacturing and Assembly (DfMA) technologies in the areas of Modular Prefabricated M&E Systems and Prefabricated Prefinished Volumetric Construction (PPVC)".

Price link: http://www.shareinvestor.com/fundamental/factsheet.html?counter=M1Z.SI

 

[Jupiter2017]

http://www.businesstimes.com.sg/com...ional-gets-us15m-boost-from-pierfront-capital
Tee International gets US$15m boost from Pierfront Capital
TUE, DEC 19, 2017 - 6:01 PM VIVIEN SHIAO vshiao@sph.com.sg

MAINBOARD-LISTED TEE International said on Tuesday that the group has secured a US$15 million investment from Pierfront Capital Mezzanine Fund, a Temasek group investment company which focuses on growth capital for asset and corporate acquisition, refinancing and project expansion.
The investment company offers junior debt, mezzanine and structured financing solutions in capital-intensive businesses across a wide range of sectors including, but not limited to, infrastructure, energy, transportation, telecommunications and logistics.
CK Phua, group chief executive and managing director of TEE, said that it was trade agency International Enterprise Singapore that linked the companies up.
"With new capital being pumped in, we are excited to see our infrastructure business scale to new heights in the coming years," he said.
TEE is looking to explore expanding its wastewater treatment plant business in Thailand. Its first hybrid thermal power plant in Iligan, Philippines is expected to be commissioned and start operations in the second half of 2018.
Stephane Delatte, chief investment officer of Pierfront Capital, affirmed support for TEE. "With the firm belief in its business strategies and future plans, we look forward to seeing TEE expand and grow further internationally," he added.

Price link: http://www.shareinvestor.com/fundamental/factsheet.html?counter=M1Z.SI

 

[Jupiter2017]

http://www.businesstimes.com.sg/com...rnational-tee-land-flag-loss-for-q2-half-year
TEE International, TEE Land flag loss for Q2, half-year
MON, JAN 08, 2018 - 9:31 AM RACHEL MUI rachmui@sph.com.sg

MAINBOARD-listed TEE International and its subsidiary TEE Land have issued profit guidances, warning they expect a loss for the second quarter and half-year ended Nov 30, 2017, based on a preliminary assessment of their unaudited second quarter and half-year financial results.
The loss was mainly attributed to an impairment loss of S$6.2 million on the proposed disposal of the group's shareholding in its 31.88 per cent owned Thai associate, Chewathai Public Company Limited as announced on Dec 20, 2017; as well as an impairment loss of S$1.8 million for the unsold units in Peak I held by its subsidiary, TEE Land Limited.
On the latter, the companies said the recent sale of one of the units in Peak I indicated that the net realisable value of these unsold units has declined.
They said the group is currently in the process of finalising its financial results for the second quarter and half-year and will provide further details when it announces its results this month.
TEE Group was established in the 1980s, and has grown from a general electrical contractor to an integrated engineering, real estate and infrastructure group. It has operations in Singapore, Thailand, Malaysia, Hong Kong and New Zealand.

Price link: http://www.shareinvestor.com/fundamental/factsheet.html?counter=M1Z.SI

 

[Jupiter2017]

http://www.businesstimes.com.sg/companies-markets/tee-group-swings-into-the-red-in-q2
TEE Group swings into the red in Q2
Sat, Jan 13, 2018 - 7:55 AM Jamie Lee lee jamie@sph.com.sg

TEE Group, an integrated engineering, real estate and infrastructure group, swung into the red for its fiscal second quarter on one-off impairment losses, it said on Friday.
Net loss for the three months ended Nov 30, 2017, stood at S$5.22 million, reversing from a net profit of S$394,000 from the year-ago period.
The group recognised one-off impairment losses on the proposed disposal of an associate, and the remaining unsold units in the completed properties held for sale by TEE Land.

price link: http://www.shareinvestor.com/fundamental/factsheet.html?counter=M1Z.SI

 

[Shion]

Tee International investigating unauthorised transactions worth over $6m linked to CEO

Tee International investigating unauthorised transactions worth over $6m linked to CEO

https://www.straitstimes.com/busine...ating-unauthorised-transactions-worth-over-6m

SINGAPORE - Mainboard-listed engineering group Tee International is appointing an external third party independent investigator to look into unauthorised transactions totalling $6.55 million made by its subsidiaries to related parties.

The transactions, which took place from July 2018 to May 2019, were allegedly made under the instruction of group chief executive and managing director Phua Chian Kin, said Tee International.

Transactions from certain related parties to the subsidiaries had also taken place during that period. The board and executive committee were reportedly similarly unaware of these remittances.

Tee International clarified that monies under the remittances have been fully repaid by and to the group as of August 29.

The unauthorised remittances were discovered by the group over the course of preparing for its financials for the full year ended May 31, 2019. Remittances amounting to $3 million were recorded as "other receivables", and external auditor Deloitte raised a red flag when it was unable to verify the nature of the remittances.

Overall, the unauthorised transactions included $3.75 million paid by two subsidiaries to Mr Phua and Oscar Investment, an investment holding company wholly and beneficially owned by Mr Phua and incorporated in the British Virgin Islands. The money was paid over four transactions that happened on Feb 12, Mar 1, Mar 4 and Mar 8, 2019.

The subsidiaries in question were Tee International's wholly owned units PBT Engineering and Trans Equatorial. PBT Engineering provides turnkey solutions for commercial, industrial and institutional buildings, while Trans Equatorial provides addition, alteration and upgrading of existing buildings, as well as mechanical and electrical engineering services.

In response to queries from the Singapore Exchange, Tee International said on Sunday that Mr Phua claimed the money was used to pay for certain expenses to secure a relevant engineering project for the group. But no supporting documents have been provided by Mr Phua to support the nature of these remittances, what the money was paid for, and to whom it was paid to, said Tee International.

Separately on July 19, 2018, $2.8 million was paid by Oscar Investment to PBT Engineering. Mr Phua claimed that the funds were placed into a fixed deposit account to activate a banking credit line granted to PBT Engineering. Repayment was made on July 24, 2018.

Mr Phua has since been removed as an authorised signatory for all payments. Meanwhile, internal auditor Protiviti Pte Ltd and the Business Control and Risk department of the group have widened the scope of review on key internal controls in selected areas, including the authorisation of payments made from the company's subsidiaries. The review commenced on Sept 2.

Pending completion of the review, Mr Phua has been relieved of his current role and duties as group chief executive and managing director, the group said on Friday. Taking over his positions in the interim is Phua Boon Kin, the deputy group managing director.

Mr Phua Boon Kin has also succeeded Mr Phua Chian Kin as a member of the executive committee and nominating committee. The latter will remain as an employee of the company.

Deloitte said in a letter to the company on Friday that it is unable to ascertain the nature and purpose of the remittances and the benefits of them to the group. It requested certain information from TEE International, including whether there were other similar payments made by any entity within the group to or for the benefit of Mr Phua and/or his family members. This include payments made to entities in which Mr Phua is interested in 20 per cent or more of the total voting power there in, such as Oscar.

Asked by SGX about whether there has been similar remittances that were undisclosed, the company said the board is currently not in a position to determine this.

In view of the inconclusive outcome of Deloitte's review, the board is in the process of engaging an external investigator to carry out further checks. This would include special reviews to cover the financial year ended May 31, 2018 and up to Aug 31, 2019.

Tee International will apply to SGX for an extension of time to hold its annual general meeting for FY2019 and to release its Q1 results for FY2020.

Shares of Tee International closed at 4.6 cents on Friday, up 2.2 per cent or 0.1 cent.

 

[Kinetic88]

mr Phua horses not winning recently.

 

[Shion]

TEE International sells 63.28% stake in TEE Land to Amcorp Supreme for $50.62m.

TEE International sells 63.28% stake in TEE Land to Amcorp Supreme for $50.62m.

https://sbr.com.sg/residential-prop...s-6328-stake-in-tee-land-amcorp-supreme-5062m



TEE Land will cease to be a subsidiary of the company.

TEE International Limited has signed a conditional sale and purchase agreement (SPA) with Amcorp Supreme, a wholly-owned subsidiary of Amcorp Group Berhad to acquire 282,777,678, or 63.28%, of TEE Land’s shares, according to its press release.

At the same time, Tee International’s director Phua Chian Kin has entered into a SPA with Amcorp for the sale of his 24,593,590 TEE Land shares to Amcorp, representing a 5.5% stake in the company. The total consideration for the sale shares is approximately $50.62m.

Upon completion of the sale, TEE Land will cease to be a subsidiary of the company.

The Company said that it will use the net proceeds from the sale to expand its engineering and infrastructure businesses and to reduce the indebtedness of TEE Group.

 

[Shion]

Tee International fires ex-CEO and director

Tee International fires ex-CEO and director

https://sbr.com.sg/building-engineering/news/tee-international-fires-ex-ceo-and-director



Phua Chian Kin was involved in unauthorized remittances in the company.

Tee International has immediately terminated ex-CEO Phua Chian Kin after he admitted to using company funds for personal use, according to an SGX filing. With this, Phua is required to resign as director of the company and the group.

Phua will continue to be available to assist the company if he is requested to do so. He has told the company’s board that he will continue to cooperate fully in the investigations, and will keep them updated on material developments of the investigations.

The firm has also been informed that Phua has been interviewed by the Commercial Affairs Department of the Singapore Police Force (CAD), in relation to an offence under the Penal Code pursuant to the provisions of the Criminal Procedure Code.

Phua has surrendered his travel documents to the CAD.

 

[_dXter]

Google his name, all those horse racing related pics come out. Gambling problem?