Chip Eng Seng

Chip Eng Seng in rights issue to raise $96 mil for expansion

SINGAPORE (Aug 23): Property developer Chip Eng Seng is proposing to undertake a renounceable underwritten rights issue to raise some $98.7 million for its expansion plans.

The group plans to sell a total 156.5 million rights shares at an issue price of 63 cents each. Shareholders will be entitled to subscribe to one rights share for every four shares they own.

Chip Eng Seng to develop Hyatt Regency Hotel in Adelaide

SINGAPORE (Aug 2): Chip Eng Seng has announced that its newly-acquired property at 51 Pirie Street in Adelaide, Australia will be developed into a new Hyatt Regency. 

On July 2, Chip Eng Seng acquired the property at a price of A$14.5 million ($14.6 million), funded fully through internal resources.

See: Chip Eng Seng acquires Adelaide property for $14.6 mil in IPT to redevelop into hotel

Chip Eng Seng 2Q earnings down 67% to $4 mil; acquires Aussie childcare centre

SINGAPORE (Aug 1): Property and education group Chip Eng Seng reported 2Q19 earnings ended June of $3.9 million, down 67.4% from $12.2 million in 2Q18 on lower sales and higher expenses.

For 1H19 ended June, 1H19 earnings came in at $15.2 million, 17% lower compared to $18.4 million in 1H18.

Overall revenue for 2Q19 fell 7.2% lower to $237.4 million from $255.7 million a year ago.

Chip Eng Seng awarded $418.4 mil tender for Kampong Java site

SINGAPORE (Jan 22): Chip Eng Seng Corporation announced that its wholly-owned subsidiary, CELH Development, has been awarded the tender for the land parcel at Kampoing Java Road at a tender price of $418.38 million by the Urban Redevelopment Authority (URA).

See: Chip Eng Seng bids $418.8 million for Kampong Java site

Chip Eng Seng acquires Adelaide property for $14.6 mil in IPT to redevelop into hotel

SINGAPORE (July 2): Chip Eng Seng says that its newly incorporated wholly-owned subsidiary is acquiring a property located at 51 Pirie Street in Adelaide, Australia for A$14.5 million ($14.6 million).

The vendor of the property is Pirie Investments (Aust), in which Director and Group CEO of Raymond Chia Lee Meng has an effective stake of 40%. Hence, the vendor is an associate of Chia and the acquisition constitutes an “interested person transaction”.

Chip Eng Seng to acquire up to 75% stake in US education consulting firm

SINGAPORE (May 21): Chip Eng Seng (CES) is planning to acquire up to 75% in Pennsylvania-based American Scholar Group (ASG) for US$1.5 million ($2 million).  

ASG is a full-service education consulting organisation which facilitates study-in-America opportunities for both students and educators by placing them into ASG’s partner schools including K-12 schools, colleges and universities.

The acquisition comes after the construction and property group in March announced plans to diversify into the education sector to widen its income base.

Chip Eng Seng to collaborate with Repton International Schools

SINGAPORE (Apr 25): Chip Eng Seng’s subsidiary CES Repton Asia (CESR) has entered into a collaboration with Repton International Schools to establish kindergartens under the “Repton School” brand name in certain Asia Pacific countries.

Chip Eng Seng exits Tower Melbourne project with $56.6 mil sale

SINGAPORE (Mar 15): Chip Eng Seng is making a clean break from the Tower Melbourne project in Australia.

Wholly-owned subsidiary CES-Queen (Vic) (CESQ) is selling the property located at 150 Queen Street for A$55 million ($56.6 million).

CESQ had originally acquired the commercial building in September 2011 for redevelopment into a 71-storey tower with 581 freehold residential units called Tower Melbourne.

Chip Eng Seng to diversify extensively into education sector

SINGAPORE (Mar 6): Shares of Chip Eng Seng are up 1 cent to 93 cents after it announced plans to diversify into the education sector to provide a wider business and income base.

This comprises the construction, development and ownership, management and operations of educational programmes, products and services ranging in all levels from childcare centres to universities.

Chip Eng Seng posts 2.4% decline in 4Q earnings to $14.5 mil

SINGAPORE (Feb 13): Chip Eng Seng announced that its 4Q17 earnings has dropped by 2.4% to $14.5 million, compared to $14.9 million in 4Q16.

Revenue increased by 2.4% to $256.1 million from $250.0 million a year ago, mainly due to the increase in revenue from the group’s property development and hospitality sectors, but was partially offset by a decrease in revenue from its construction as well as property investment & other segments.

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