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Chip Eng Seng chairman Celine Tang 'considering a possible transaction'

The Edge Singapore
The Edge Singapore9/7/2022 11:17 PM GMT+08  • 2 min read
Chip Eng Seng chairman Celine Tang 'considering a possible transaction'
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Celine Tang, chairman and controlling shareholder of Chip Eng Seng Corp, is “considering a possible transaction” involving the company’s shares.

“At this juncture, there is no certainty that any possible transaction will materialise as a result of such consideration,” says the company in an after-market announcement on Sept 7.

“In the meantime, the shareholders of the Company should exercise caution when dealing in the shares,” the company adds.

“If and when there are any material developments which warrant a disclosure, the board will make a further announcement.”

Chip Eng Seng shares closed at 71 cents on Sept 7, up 5.19% for the day, extending a steady gain of 69.05% year to date.

Chip Eng Seng, one of the leading construction firms here, is enjoying a recovery of its business following the disruptions caused by the pandemic.

See also: OCBC opens 20,000 sq ft lifestyle and banking space at Wisma Atria, its second-largest after OCBC Centre

Besides construction, the company owns stakes in other businesses such as schools and property development.

Despite the run-up in its share price thus far this year, Chip Eng Seng is still trading below its book value of 99.06 cents as at June 30.

For its 1HFY2022 ended June 30, the company reported earnings of $38.5 million, a vast improvement from the earnings of $99,000 recorded for 1HFY2021.

See also: Chip Eng Seng chairman Tang makes 72 cents per share offer to increase stake

Revenue in the same period was $636.3 million, up 2.2% y-o-y.

Tang had previously privatised another company she controls, SingHaiyi Group in January this year.

OKH Global, another listed company that Tang controls, was up 3.57% on Sept to close at 2.9 cents.

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