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Chip Eng Seng redeems S$207m in notes

CHIP Eng Seng Corporation has redeemed S$107 million in the principal amount of its Series 002 notes, and S$99.75 million in principal amount of its Series 003 notes.

This came after some noteholders exercised a put option following the sale of 29.73 per cent of the company's shares by seven of Chip Eng Seng's shareholders, including founder Lim Tiam Seng and executive deputy chairman Lim Tiang Chuan, to Celine Tang, the managing director of SingHaiyi.

After cancellation, the outstanding principal amount of the Series 002 notes and the Series 003 notes is S$13 million and S$25.25 million respectively.

Chip Eng Seng closed at S$0.705, down half a cent or 0.7 per cent.

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