DBS Bank has sold Tee International’s property at 33 Changi North Crescent.
The bank, on June 29, entered into a sale and purchase agreement (SPA) with Applied Materials South East Asia in relation to the sale.
According to Tee International, the total sale consideration of the property was based on the fair value of the property’s $18 million.
The proceeds of the sale will go towards the outstanding amounts owed by Tee International to DBS and other creditors who have a security over the sale proceeds of the property, as well as transaction expenses incurred by DBS.
The sale is expected to be completed on or around July 18.
On Sept 10, 2021, Tee International announced that DBS will be exercising their rights to possess the mortgaged property at 33 Changi North Crescent.
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The company had granted the legal mortgage over the mortgaged property in favour of DBS in connection with certain banking facilities provided by DBS.
Shares in Tee International closed flat at 3.2 cents on June 28.
