The sale shares represent 30% of the total issued share capital in CES Tropical (Maldives). The remaining 70% is already owned by CES Hotels (Maldives).
Chip Eng Seng Corporation, on Dec 13, announced that it is proposing to acquire the remaining 30% of shares it does not own in its joint venture company (JVCo) CES Tropical (Maldives) for US$1.3 million ($1.8 million).
The group’s wholly-owned subsidiary, CES Hotels (Maldives), entered into a sale and purchase agreement (SPA) with Tropical Developments Pte Ltd to acquire all of the latter’s shares in CES Tropical (Maldives).
