TEE International's arm grabs S$1.9m industrial land
It'll be used to build factories.
According to OCBC, TEE International's 49%-owned Thai associate, Chewathai Ltd, has acquired a 450,922 sq ft piece of freehold industrial land in Thailand’s Rayong Province for THB46.5m (S$1.9m).
TEE intends to build factories on the property for leasing purposes, at an estimated cost of THB200m, and construction is expected to be completed in Sep 2013.
"The acquisition of the land will be financed by internal funds and bank borrowings and is not expected to have any material impact on the company's earnings or assets for FY13 (ending 31 May)," OCBC cited.