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Chip Eng Seng shareholders give nod for diversification as unit snags kindergarten deal
CONSTRUCTION and property group Chip Eng Seng Corporation revealed on Wednesday evening that its subsidiary has partnered Repton International Schools to establish a chain of international kindergartens within the Asia-Pacific region under the Repton School brand name.
This followed a successful passing of a resolution for the company's proposed diversification into the education sector at an extraordinary general meeting on Wednesday. Shareholders holding 97.37 per cent of the Chip Eng Seng shares had voted in favour of the resolution.
Together with Repton, Chip Eng Seng subsidiary - CES Repton Asia - will license certain trade marks, including the name Repton School and its crest logo.
The companies aim to establish the first Repton-brand kindergarten in Singapore by early 2019.
Chip Eng Seng shares closed flat at S$0.985 on Wednesday.