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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

Published Mon, Oct 8, 2018 · 09:50 PM

chip eng seng

Singapore

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 do…