Closure date for Chip Eng Seng offer extended to Feb 2

THE closing date for the mandatory cash offer of property player Chip Eng Seng : C29 0% by its chairman Celine Tang and her husband Gordon Tang has been extended from Thursday (Jan 19) to Feb 2.

In a Thursday bourse filing, the offeror disclosed that together with its concert parties, it owns or is set to own 685.2 million shares, translating to about 87.26 per cent of the company. The Tangs are required to attain more than 90 per cent of Chip Eng Seng’s shares to take it private.

Launched under the vehicle Tang Dynasty Treasure, the offer is priced at S$0.75 per share. The stock ended Thursday flat at that same price.

The Tangs had initially launched the offer on Nov 24 at a lower price of S$0.72 per share. This was raised to the current offer price on Dec 2.

The offer was subsequently declared unconditional last month, after receiving valid acceptances of over 405.7 million shares or 51.73 per cent of the company as at Dec 14. The offer’s closing date was at the time extended from Jan 5 to Jan 19.