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

The privatization of Tengah EC Chip Eng Seng will now be able to proceed after the offerors secured 90.19% of the shares as at Feb 14. Celine Tang and her husband Gordon Tang, who are making the offer through their vehicle Tang Dynasty have now met the 90% threshold to acquire the remaining shares.The offer first began in November at 72 cents per share, and then improved to 75 cents per share.Second Chance Properties, a minority shareholder, is set to receive over $12.7 million from proceeds from the offer.Chip Eng Seng, with its net asset value per share of 99.06 cents as of June 30, has evolved from doing simple construction works in the 1960s and diversified over the years into other property works, hospitality, building materials, and even educational services.With the necessary percentage of ownership now secured, the Tangs can move ahead with their privatization plans for Chip Eng Seng.