SINGAPORE (Oct 21): Chip Eng Seng’s net asset value as at June 30 stood at $1.29. Following its rights issue announced in August and completed in September, NAV fell to $1.15. Yet, CES last traded at 62 cents, and below the theoretical ex-rights price of 67 cents announced in the rights issue document. Why such a big discount to NAV and a discount to TERP?

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