Hot stock: Chip Eng Seng requests trading halt amid heavy volumes in early trade

OVER 15 million shares of Chip Eng Seng changed hands in early trade on Friday (Nov 25) morning, a day after chairman Celine Tang made a cash offer to privatise the company.

As at 9.20 am, Chip Eng Seng was among the five most heavily traded counters by volume. It was also the third most traded by value, coming in just behind UOB and DBS, with securities worth S$10.9 million transacted.

Shares of the counter dipped 1.4 per cent or S$0.01 to S$0.715. No married deals were recorded, according to ShareInvestor data.

The property player requested for a trading halt at 9.21 am.

Tang and her husband Gordon Tang on Thursday announced that they were making a voluntary conditional cash offer to acquire all issued ordinary shares in Chip Eng Seng at S$0.72 apiece. They intend to privatise the company and delist it from the Singapore Exchange if they attain over 90 per cent of its total shares.