Chip Eng Seng said on Friday that it received notification from seven shareholders that they entered a deal with Celine Tang to sell an around 29.73 percent stake in the company.
The deal, which was entered into on Friday, was for an aggregate 186.11 million of the company’s shares at S$1.08 each, it said in a filing to SGX after the market close on Friday.
Chip Eng Seng had requested a trading halt on Friday before the market open, and after announcing the share-sale deal, it requested the halt be lifted.
On Thursday, SGX had queried the company about potential reasons for its stock price moves, with the stock rising 5.59 percent Thursday, closing at S$0.945, after four sessions of heavy trading volume.
In response to the queries, Chip Eng Seng said on Friday that it was made aware of the deal on Friday and wasn’t aware of any other information that might explain the share price move.
The seven shareholders are Lim Tiam Seng, Lim Tiang Chuan, Lim Tian Back, Lim Sock Joo, Lim Tian Moh, Dawn Lim Sock Kiang and Kwek Lee Keow, the filing said.
The deal is expected to be completed on or before 9 October, it said.
Shenton Wire has asked SingHaiyi Group via email to confirm if its managing director, Celine Tang, was the purchaser of the Chip Eng Seng shares and if the purchase was for the company. SingHaiyi didn’t immediately respond to the email, which was sent outside of business hours.
SingHaiyi is 62.16 percent owned by Haiyi Holdings, which is owned by Celine Tang and her husband.