TEE buys Cairnhill terrace houses

07-May-2007

ACQUISITION OF PRIME FREEHOLD PROPERTIES – TERRACE HOUSES AT CAIRNHILL CIRCLE

The Board of Directors of TEE International Limited (the "Company") is pleased to announce that 2 offers have been made by its wholly owned subsidiary, TEE Development Pte Ltd (the "Purchaser") for the collective purchase of 2 units of terrace houses located at No 57 and 59 Cairnhill Circle, Singapore (collectively the "Property") have been accepted by the owners (the "Owners") on 3 May 2007.

The collective purchase price is S$12,010,000.00 and is in accordance with the terms of purchase, an option money amounting to S$120,100.00 (the "Option money") has been paid and a further 5 percent of the collective purchase price (less the Option money) amounting to S$240,000.00 and S$240,400.00 shall be paid by/on 18 May 2007 and 23 May 2007 respectively to the solicitors for the Owners as stakeholders, pending the completion of the collective purchase.

The collective purchase is scheduled to complete on 15 August 2007 and/or such extended date agreed between the Owners and the Purchaser albeit that the Owners shall be permitted to occupy the Property (rent free) until 15 October 2007 or 2 months from the date of the completion, whichever is later. The sale and purchase of the property is subjected to procuring the Registrar of Titles' removal or cancellation of the restrictive covenants in the said deed from the land register and approval from the Controller of Residential Property.

This collective purchase will be financed by the Company's internal funds and bank borrowings and the directors do not expect any material impact on the consolidated earnings and net tangible assets per share of the Company for the current financial year.

To the best of the Directors' knowledge, none of the Directors or controlling shareholders of the Company has any direct or indirect interest in this proposed acquisition.