TEE inks MOU with Pioneer to buy plant in Huzhou, China

Includes a 6-month enforcement period.

In a release, SGX Mainboard listed TEE International Limited, announced today that it has entered a Memorandum of Understanding (MOU) with Pioneer Environmental Technology Pte Ltd, a subsidiary of SGX mainboard listed AnnAik Limited, with the intention to eventually acquire a sewage treatment / waste water treatment plant in Huzhou, a prefecture-level city in China, subject to the signing of a sales and purchase agreement.

Commenting on the importance of infrastructure projects to TEE, Mr CK Phua, Group Chief Executive & Managing Director of TEE International Limited, remarked: “Our infrastructure division is an essential business segment within the TEE International Group of companies.

We aim to grow the size of our infrastructure asset portfolio to add a significant third pillar of growth to our Group’s existing engineering and real estate businesses. Infrastructure assets such as waste water treatment projects provide continuous income and stable yield which strengthens our asset base as a whole.”

For today’s MOU, TEE and Pioneer Environmental Technology Pte Ltd will jointly evaluate and possibly invest in the Sewage Treatment Facilities/Waste Water Treatment Plant in Huzhou Prefecture-level City, China. Coverage of the signed MOU includes a six months enforcement period with the consideration of a Sales and Purchase transaction structure.