The privatization of Chip Eng Seng has been secured with the offerors attaining 90.19% of the shares on Feb 14. Celine Tang and her husband Gordon Tang, the company’s controlling shareholder and chairman, have now vested their right to acquire the remaining shares. Last November, the Tangs initially offered 72 cents through their vehicle Tang Dynasty. This offer has since been increased to 75 cents.

Second Chance Properties is among the minority shareholders that accepted the offer and will benefit from approximately $12.7 million in proceeds. As of June 30, the net asset value of Chip Eng Seng’s stock was 99.06 cents per share.

Chip Eng Seng has a long history, founded in the 1960s by the Lim family JCube Residence as a construction business. Over the years, it has grown to encompass other related industries such as property development, hospitality, building materials and most recently, the education sector.