ADS Builders (1998) Pte. Ltd. and Chia Yoke Heng entered into sale and purchase agreement to acquire PBT Engineering Pte Ltd from TEE International Limited (SGX:M1Z) for SGD 0.018 million on August 2, 2022. ADS Builders (1998) Pte. Ltd. and Chia Yoke Heng will acquire 15 million shares in PBT Engineering Pte Ltd. Transaction is subject to government approvals and approval of shareholders and board of directors of TEE International Limited. Transaction is expected to close on or before December 31, 2022.
On November 17, 2022, the General Division of the High Court of the Republic of Singapore has granted leave for a meeting of the Creditors of PBT to be convened for the purpose of considering and, if thought fit, approving the scheme of arrangement dated November 22, 2022. The Court has also extended the moratorium granted to PBT by a period of three months from January 1,2023. As of December 20, 2022, TEE International has entered into a supplemental agreement, The closing date is extended from December 31, 2022 to March 31, 2023 unless otherwise mutually agreed upon in writing between ADS Builders, Chia Yoke and TEE International. All other terms and conditions of the agreement remains the same. As of February 10, 2023, Scheme Meeting was held electronically and was approved by a majority in number representing at least three-fourths in value of the Creditors present and voting either in person or by proxy at the Scheme Meeting. As on February 20, 2023, the Proposed Disposal be and is hereby approved and that authority be and is hereby granted to the Directors to carry out and implement the Proposed Disposal on the terms and subject to the conditions set out in the SPA.