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Chip Eng Seng to list construction business

CHIP Eng Seng Corp plans to spin off its construction business via a Singapore listing, the construction and property group announced late Friday.

The company has appointed United Overseas Bank as a financial adviser.

The company has received in-principle approval from the Singapore Exchange for the spin-off, provided that the boards of Chip Eng Seng and the spun-off entity are separate and distinct.