By TEE Land Limited
Incorporated in the Republic of Singapore
Company Registration No: 201230851R
PROPOSED ACQUISITION OF PROPERTY IN KLANG, NEGERI SELANGOR, MALAYSIA INTRODUCTION
Further to the announcement dated 2 December 2013, the Board of Directors of TEE Land Limited (the "Company", and together with its subsidiaries, the "Group"), wishes to announce that Klang City Development Pte Ltd ("KCD"), a 60% owned indirect subsidiary of the Company, has through a nominee company incorporated in Malaysia, entered into a Sale and Purchase Agreement to acquire 26 plots of freehold land measuring approximately 679,460 square feet, comprising:-
1. Geran 190186 to 190205, Lot No. 128219 to 128238;
2. HS(D) 102496, PT No. 110156;
3. HS(D) 146546, PT No. 140591;
4. HS(D) 146547, PT No. 140592;
5. HS(D) 135783, PT No. 129225;
6. HS(D) 135784, PT No. 129226; and
7. HS(D) 135786, PT No. 129228
located in Mukim Klang, Daerah Klang, Negeri Selangor (the "Property") (the "Proposed
The total purchase consideration for the Proposed Acquisition is MYR91,727,100 (approximately S$36.0 million) (the "Purchase Consideration").
The Purchase Consideration will be contributed by the shareholders of KCD in proportion to their respective shareholdings. The Group's proportionate share of the Purchase Consideration amounts to approximately S$21.6 million, which will be funded by IPO proceeds and external bank borrowings.
The Property may potentially be developed into a mixed development, with a potential plot ratio of 1:5, including hotel, serviced apartments, SOHO and shopping mall. The Property will form part of a proposed business park, which is expected to be developed as an all-inclusive business enclave with a unique mix of residential and commercial spaces.
RATIONALE FOR THE PROPOSED ACQUISITIONThe Proposed Acquisition is in line with the Group's strategy to further expand the Group's regional presence and is part of its continued foray into the Malaysian market. The Proposed
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Acquisition will also provide a good opportunity for the Group to continue building its track record and reputation in Malaysia.
The Proposed Acquisition is expected to be completed within 6 months from the date of the
Sale and Purchase Agreement.
The Proposed Acquisition is not expected to have any material impact on the earnings per share or net tangible assets per share of the Group for the current financial year ending 31
May 2014.
None of the Directors or controlling shareholders of the Company has any interest, direct or indirect, in the Proposed Acquisition.
By Order of the Board
Phua Cher Chew
Executive Director & CEO
15 January 2014
SAC Capital Private Limited was the issue manager for the initial public offer of the Company. This announcement has been prepared and released by the Company.
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