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more claims... bankruptcy soon
cant come out of suspension
ya lor actually outside have many jobs, is just people anyhow say.... can it be the c-suits and directors still pay themselve handsomely thats why losses?
ysh2006 ( Date: 21-Jul-2021 07:04) Posted:
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After $119 mil FY21 loss, Tee International CFO quits in under a year
The chief financial officer of Mainboard-listed engineering company Tee International has resigned less than a year after his appointment in November 2020.
Ng Kok Peng&rsquo s departure follows the resignation of its former group chief executive Phua Boon Kin, uncle of Phua Cher Chuan, interim group executive and managing director, in June. Executive director Saw Chin Choo resigned that same day.
Last week, Tee International announced a loss after tax of $115.1 million in 4QFY2021 ended May as compared to $18.4 million in the same period a year earlier.
Overall, the company reported a loss after tax of $119.2 million in FY2021 as compared to $64.6 million in FY2020.
&ldquo Revenue decreased by $54.3 million mainly due to substantial completion of a major project and slowdown of project progression due to Covid-19. Cost of sales increased by $9.1 million, which is mainly attributable to cost overruns resulting in foreseeable losses for certain on-going projects of the Group flowing from the current challenging business environment,&rdquo said the company.
It added that its engineering and construction business has been adversely affected by the pandemic, while projects have been negatively impacted due to labour shortages, accelerated project timelines, stringent safe management measures and supply chain disruptions, resulting in higher costs to complete the projects.
The results were announced after the Singapore Exchange (SGX) rejected an application from Tee International for an extension of time to announce its year-end results. The company had requested an extension of two months to report its FY2021 and 1QFY2022 results.
SGX did, however, grant the company an additional month to hold its AGM. With the one-month extension, the company now has to convene its AGM by Oct 31, 2021.
The company appointed RSM Corporate Advisory as a financial consultant in June to undertake a review of the businesses and assist in restructuring plans.
In May, the company announced a private placement of 129 million new ordinary shares in the company at 3 cents per share, amounting to a total of $3.9 million in proceeds.
The issue price represents a discount of approximately 3.7% from the weighted average price of the company&rsquo s shares of 3.12 cents as of May 14.
The company intends to use the entire net proceeds from the placement, some $3.8 million, for working capital purposes.
A month prior, Tee International reported a net loss of $6.4 million for its 3QFY2021 ended February, deepening from a $4.1 million loss in the same period a year earlier. Its share price had reached a 52-week high of 5.4 cents on April 7, a week before the release of its third quarter results.
Tee International was incorporated in Singapore on Aug 15, 2000 and listed on SGX on March 12, 2001.
The principal activities of the company are in M& E services, comprising electrical engineering, mechanical engineering and fire prevention and protection system services, which it applies in the infrastructure, rebuilding and new building sectors of the M& E construction industry.
yongnam another one in the making??
Why construction firm in M&E their business so bad meh...many jobs available in the job market..!
TA_Expert ( Date: 21-Jul-2021 04:56) Posted:
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he knows petty cash box also empty no money to pay salary
Another sinking ship.
After $119 mil FY21 loss, Tee International CFO quits in under a year
The chief financial officer of Mainboard-listed engineering company Tee International has resigned less than a year after his appointment in November 2020.Ng Kok Peng' s departure follows the resignation of its former group chief executive Phua Boon Kin, uncle of Phua Cher Chuan, interim group executive and managing director, in June. Executive director Saw Chin Choo resigned that same day.
Last week, Tee International announced a loss after tax of $115.1 million in 4QFY2021 ended May as compared to $18.4 million in the same period a year earlier.
Overall, the company reported a loss after tax of $119.2 million in FY2021 as compared to $64.6 million in FY2020.
" Revenue decreased by $54.3 million mainly due to substantial completion of a major project and slowdown of project progression due to Covid-19. Cost of sales increased by $9.1 million, which is mainly attributable to cost overruns resulting in foreseeable losses for certain on-going projects of the Group flowing from the current challenging business environment," said the company.
It added that its engineering and construction business has been adversely affected by the pandemic, while projects have been negatively impacted due to labour shortages, accelerated project timelines, stringent safe management measures and supply chain disruptions, resulting in higher costs to complete the projects.
The results were announced after the Singapore Exchange (SGX) rejected an application from Tee International for an extension of time to announce its year-end results. The company had requested an extension of two months to report its FY2021 and 1QFY2022 results.
SGX did, however, grant the company an additional month to hold its AGM. With the one-month extension, the company now has to convene its AGM by Oct 31, 2021.
The company appointed RSM Corporate Advisory as a financial consultant in June to undertake a review of the businesses and assist in restructuring plans.
In May, the company announced a private placement of 129 million new ordinary shares in the company at 3 cents per share, amounting to a total of $3.9 million in proceeds.
The issue price represents a discount of approximately 3.7% from the weighted average price of the company' s shares of 3.12 cents as of May 14.
The company intends to use the entire net proceeds from the placement, some $3.8 million, for working capital purposes.
A month prior, Tee International reported a net loss of $6.4 million for its 3QFY2021 ended February, deepening from a $4.1 million loss in the same period a year earlier. Its share price had reached a 52-week high of 5.4 cents on April 7, a week before the release of its third quarter results.
Tee International was incorporated in Singapore on Aug 15, 2000 and listed on SGX on March 12, 2001.
The principal activities of the company are in M& E services, comprising electrical engineering, mechanical engineering and fire prevention and protection system services, which it applies in the infrastructure, rebuilding and new building sectors of the M& E construction industry.
Shares in Tee International closed flat at 3.2 cents.
corp lawyers worth every penny?
shk363 ( Date: 21-Jun-2021 21:01) Posted:
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Ya alt least. Year
Can put in freezer
the placees have superb foresight to lapse the placement before tee announced the huge losses.
Charleschoong ( Date: 21-Jun-2021 18:16) Posted:
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Unless otherwise defined, all terms used herein shall bear the same meanings as are accorded to them in the Company&rsquo s announcement dated 17 May 2021, 1 June 2021 and 19 June 2021 relating to the Placement (the &ldquo Previous Announcements&rdquo ).
The Board of Directors (the &ldquo Directors&rdquo or the &ldquo Board&rdquo ) of TEE International Limited (the &ldquo Company&rdquo , and together with its subsidiaries, the &ldquo Group&rdquo ) refers to the Previous Announcements.
The Company wishes to update the shareholders that pursuant to the AIP letter from the SGX-ST dated 1 June 2021, the Placement Shares were required to be placed out within seven market days from the date of the AIP. As the AIP was granted by the SGX-ST on 1 June 2021, the allotment and issuance of the Placement Shares was to be completed by 10 June 2021.
Further to the Company&rsquo s announcement on 19 June 2021, as the Placees have requested for an extension of time to complete the Placement and the Company has agreed to such requests, the AIP has lapsed and the Placement Shares have not been allotted and issued to-date. The Company will submit a new application to the SGX-ST for the listing of and the quotation for the Placement Shares on the Main Board of the SGX-ST when appropriate.
The Company will update shareholders as and when there are any material developments on this matter.
The AIP granted by the SGX-ST for the listing and quotation of the Placement Shares is not to be taken as an indication of the merits of the Placement Shares, the Company and/or its subsidiaries.
BY ORDER OF THE BOARD
TEE INTERNATIONAL LIMITED
The Board of Directors (the &ldquo Directors&rdquo or the &ldquo Board&rdquo ) of TEE International Limited (the &ldquo Company&rdquo , and together with its subsidiaries, the &ldquo Group&rdquo ) refers to the Previous Announcements.
The Company wishes to update the shareholders that pursuant to the AIP letter from the SGX-ST dated 1 June 2021, the Placement Shares were required to be placed out within seven market days from the date of the AIP. As the AIP was granted by the SGX-ST on 1 June 2021, the allotment and issuance of the Placement Shares was to be completed by 10 June 2021.
Further to the Company&rsquo s announcement on 19 June 2021, as the Placees have requested for an extension of time to complete the Placement and the Company has agreed to such requests, the AIP has lapsed and the Placement Shares have not been allotted and issued to-date. The Company will submit a new application to the SGX-ST for the listing of and the quotation for the Placement Shares on the Main Board of the SGX-ST when appropriate.
The Company will update shareholders as and when there are any material developments on this matter.
The AIP granted by the SGX-ST for the listing and quotation of the Placement Shares is not to be taken as an indication of the merits of the Placement Shares, the Company and/or its subsidiaries.
BY ORDER OF THE BOARD
TEE INTERNATIONAL LIMITED
to the fund it is just one of their misses.. anyway considering their fund size is a small miss at $12 mil write off.
gravity8888 ( Date: 21-Jun-2021 09:56) Posted:
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Hiaz .... The private fund got stucked doing the wrong due diligence? U mean they will have lesser info than we retailer that they vested into tee last year ...? Too much money huh
judicial managers business very good lately
Observers ( Date: 21-Jun-2021 07:33) Posted:
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The company was stumbling along pre-pandemic. The final straw?
Placees contemplating pulling out sans clauses. Rightly so, as they would likely to Buy cheaper from the market. The effects may be a squaring off between Buyers & Sellers.
How Low can it get?
How Low can it get?
Why did you say that?
Just because the company is sued by DBS?
Just because the company is sued by DBS?
peterwong321 ( Date: 21-Jun-2021 00:13) Posted:
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