The privatization of Chip Eng Seng has been given the go-ahead as the offerors have secured 90.19% of the company’s shares as of Feb 14. Celine Tang, the company’s chairman and controlling shareholder, along with her husband Gordon Tang, has now exercised the right to acquire the remaining shares.
The offer was initially made by Tang Dynasty in Nov, at a rate of 72 cents per share, which was later improved to 75 cents. Several minority shareholders that have accepted the offer, including Second Chance Properties, will receive a total of $12.7 million in proceeds from the deal.
A deep dive into Chip Eng Seng’s current financial status reveals a very promising outlook; as of June 30, the company’s net asset was valued at 99.06 cents per share. Founded in the 1960s as a construction firm by the Lim family, Chip Eng Seng has since expanded its services to include property development, hospitality, Champions Way Condo building materials and other areas – notably, their recent venture into the education sector.