The privatization of Chip Eng Seng will go through, after the offerors secured 90.19% of the shares as at Feb 14.
With the 90% threshold crossed, the company’s chairman cum controlling shareholder Celine Tang, who is making the offer with her husband Gordon Tang, can now exercise their right to acquire the remaining shares.
The Tangs, via their vehicle Tang Dynasty, first offered 72 cents in Nov. The offer was then improved to 75 cents.
Among the minority shareholders that have accepted the offer are Second Chance Properties, which will pocket proceeds of some $12.7 million.
As at June 30, Chip Eng Seng’s net asset value was 99.06 cents per share.
Chip Eng Seng was founded by the Lim family as a construction firm in the 1960s, but has over the years, expanded into adjacent businesses such as property development, hospitality, building materials and in recent years, education.
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The Tangs bought a controlling stake from the Lim family back in 2018 at $1.08.
