In a second update announcement, Chip Eng Seng Corp says that its controlling shareholder Celine Tang, non-executive chairman, is in discussions with regard to the "possible transaction" involving the company’s shares.
"The board wishes to update the shareholders of the company that as of the date of this announcement, the Company understands from Mrs Celine Tang that discussions on the possible
transaction are still ongoing and there is no certainty that a definitive transaction involving the shares will materialise," says Chip Eng Seng on Nov 7.
The company last updated about the "possible transaction" on Oct 7, following the announcement back in Sept 7.
Tang and her husband Gordon hold around 38% of Chip Eng Seng Corp, which besides its core business of construction, is also in property development and hospitality and education.
Early this year, the Tangs completed the privatisation of another entity they control, SingHaiyi Group.
Chip Eng Seng shares have held steady at between 71 cents and 72 cents since the possible share transaction was announced.
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Year to date, the company’s share price has gained 71.43% to close at 72 cents on Nov 7.
