Celine and Gordon Tang to privatise Chip Eng Seng with acceptance crossing 90%

After securing 90.19% of shares, Chip Eng Seng’s privatization will go through. Its chairman and controlling shareholder, Celine Tang, and her husband, Gordon, are making the offer, taking the majority of minority shareholders along with them. Second Chance Properties will make around $12.7 Tengah Plantation EC million in the move.

The offer first opened at 72 cents, then was improved to 75 cents. The Lim family founded the company in the 1960s, building it up as a construction firm, then expanding and diversifying over the years. Now in the education sector, as of June 30, Chip Eng Seng’s net asset value was 99.06 cents per share.

This high-stakes offer gives the Tangs freedom to acquire the rest of the shares, having secured the 90% necessary. For shareholders accepting the offer, it’s the chance for a profitable reward for their loyalty. The decision allows the family to take back the reins, and will change the face of the business from here on out.