Celine Tang of Chip Eng Seng is contemplating the possibility of entering into a transaction involving shares

Sep 08, 2022

On Wednesday (September 7), the real estate developer Chip Eng Seng: C29 -0.7% said that Celine Tang, the company's non-executive chairman and non-independent and non-executive director, is contemplating a potential transaction involving the group's shares.

Chip Eng Seng mentioned in a bourse filing that there is no assurance that any potential transaction would actually take place at this junction since there is no certainty that it will.

In 2018, after becoming Chip Eng Seng's largest shareholder, Tang, who is also the group managing director of property player SingHaiyi and the non-executive chairman at OKH Global, was appointed chairman of Chip Eng Seng. Tang also holds the position of non-executive chairman at OKH Global. In addition to that, she is the wife of Singaporean real estate magnate Gordon Tang.

Chip Eng Seng reported a significant improvement in net profit for the six months that ended in June 2022, alongside an increase in sales, earlier this month. The company's net profit during the quarter skyrocketed to S$38.5 million, up from S$99,000 in H1 2021.

Before the news was released on Wednesday, the closing price of Chip Eng Seng was up 5.2%, or 0.035 Singapore dollars, at $0.71.