Chip Eng Seng shares tumble 10% with no mandatory offer in sight
Counter down S$0.095 to S$0.85; SingHaiyi's Celine Tang bought 29.73% stake, just short of the threshold for a mandatory offer
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CHIP ENG SENG shares crashed 10 per cent on Monday as punters wagering on a takeover offer were wrong-footed, when the buyer of the controlling Lim family's 29.73 per cent stake avoided the 30-per cent threshold that would have triggered a mandatory takeover offer.
SingHaiyi managing director Celine Tang forked out S$201 million to become Chip Eng Seng's single largest shareholder on Monday, through married deals with seven shareholders including founder Lim Tiam Seng that were done at S$1.08 per share, a premium to the market price. The bulk of the purchase - comprising a 26.98 per cent stake - was made jointly with her husband Gordon Tang. Separately, Ms Tang holds a deemed interest of 2.75 per cent.
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