Shares in TEE International, which provides mechanical and electrical engineering services, fell as much as 7 percent after trading resumed on Tuesday following the outcome of a scheme meeting.
TEE International on Monday said that the proposed scheme of arrangement involving a buyout offer by its Chief Executive Officer Phua Chian Kin at 21.5 Singapore cents a share was not approved by the requisite majority.
Nearly 82.1 percent of the number of shareholders present - either in person or by proxy - voted for the resolution that required a simple majority vote but in terms of number of shares, the scheme drew 74.84 percent of support - just shy of the 75 percent in value of the shares that was required to push the scheme through.
As the scheme was not approved by the requisite majority, the scheme will lapse and the company will remain listed on the mainboard of the Singapore Exchange, it said in a statement.
At 0430 GMT, TEE International shares were down 5.7 percent at S$0.198. The stock has risen 1.5 percent so far this year.