Amcorp Supreme Pte. Ltd. launched a mandatory 17.9 Singaporean cents-per-share takeover bid for TEE Land Ltd.

The offer comes after the company agreed to pay an aggregate consideration of S$55.0 million for 282,777,678 shares from TEE International Ltd., representing 63.28% of TEE Land's total issued and paid-up capital. Amcorp Supreme will also buy 24,593,590 TEE Land shares from Phua Chian Kin, a director of TEE International, which is 5.5% of the developer's total issued and paid-up capital.

The two transactions represent about 68.78% of the total number of issued and paid-up ordinary shares in TEE Land's capital, according to a Jan. 13 media release.

TEE International expects to net about S$48.3 million from the transaction. The company intends to use the sale proceeds to repay loan/bank borrowings, for general working capital and strategic investments or acquisitions.

Maybank Kim Eng Securities Pte. Ltd. submitted the proposal on behalf of Amcorp.

As of Jan. 13, US$1 was equivalent to S$1.35.