It's a 30-50-20 deal.
In a release, the Board of Directors of TEE International Limited announced that Global Environmental Technology Co., Ltd which is 49%-owned by the Company’s wholly-owned subsidiary, TEE Resources Pte. Ltd. has formed a consortium with Cisco Engineering Co., Ltd and Lam Water Solution Co., Ltd to enter into a contract with Bangkok Metropolitan Administration to manage and control the water level at Makkasan Water Catchment area by periodically pumping water into the Chao Phaya River.
The Contract awarded to the consortium is worth THB209,784,600 (VAT inclusive), approximately equivalent to SGD8,607,462 and commenced from 1 May 2013 for a period of three years. GETCO, CISCO and LAM will own 30%, 50% and 20% respectively in the consortium which the Group total effective interest is 14.7%.
The directors do not anticipate that the above transaction will have any material impact on the earnings and net tangible assets per share of the Group for the current financial year ending 31 May 2014.
None of the Directors, and as far as the directors are aware, none of the controlling shareholders of the Company has any interest, directly or indirectly, in the aforesaid transaction, save for their shareholdings (if any) in the Company.
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