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Elephant in the room: 'Change of control' situations

What minority shareholders of Chip Eng Seng should do at the extraordinary general meeting to be held on Sept 13.

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Celine Tang (above) and her husband Gordon jointly hold 26.98 per cent of CES shares, with another 2.75 per cent held by a company in which Mrs Tang is a director. The new controlling shareholders therefore have direct and deemed interests in 29.73 per cent of the shares, a whisker below the 30 per cent threshold which would trigger a mandatory general offer.

ON Oct 4, 2018, Chip Eng Seng Corporation (CES) received a trading query from SGX Regco after its share price had risen from the low 80 cents range in early September to as high as 96.5 cents on increasing volumes. Despite the query being issued at 4.27 pm, the company only requested a trading...

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