The Business Times 25 June 2013
TEE International Limited said on Tuesday that it has entered into a Memorandum of Understanding (MOU) with Pioneer Environmental Technology Pte Ltd, a unit of AnnAik Limited, to acquire a sewage treatment/waste water treatment plant in Huzhou, China.
Phua Chian Kin, group chief executive & managing director of TEE International Limited, said: “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.”
The MOU includes a six-month enforcement period with the consideration of a sales and purchase transaction structure.
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TEE in MOU to buy water treatment plant in Huzhou, China
