CK Tang brothers in move to complete succession planning

Singapore

THE Tang brothers' move to consolidate holdings in CK Tang, a Singapore retail icon, to bolt down succession plans has triggered a cash offer for roughly 2 per cent of shares that they do not own. In doing so, the brothers have made public that they do not intend to create a Reit (real estate investment trust) for the department store property.

An offer document published on Thursday showed Tang Holdings acquired the 98.2 per cent of shares held by several parties including Tang Wee Kit, who runs Tang Holdings, and Kerith Holdings, which is controlled by Tang Wee Sung.

Tang Holdings is required by regulations to extend the same offer to the remaining shareholders in CK Tang, and so has offered to buy them out at S$0.35 per share. The Business Timesunderstands that the offer was meant mai…