Chip Eng Seng loses free float, to be delisted

PROPERTY player Chip Eng Seng said on Wednesday (Feb 15) that it has lost its free float and will be delisted, after obtaining 90.19 per cent valid acceptances to privatise. 

This translates to 708.27 million shares, as at 6 pm on Tuesday. That means that less than 10 per cent of its shares are now held by the public.  

The closing date of the company’s privatisation offer remains at 5.30 pm on Feb 16. This follows two previous extensions – initially to Jan 19, and subsequently to Feb 2. 

Chip Eng Seng’s privatisation bid was first launched as a voluntary conditional cash offer on Nov 24, 2022, through their investment holding company, Tang Dynasty Treasure. The initial price of S$0.72 per share was later raised to S$0.75. 

The offer was later declared unconditional in December, after receiving acceptances of over 405.7 million shares or 51.73 per cent of the company as at Dec 14.

Its counter closed flat at S$0.75 on Wednesday, before the news.