Chip Eng Seng: New substantial shareholder Celine Tang appointed chairman

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Chip Eng Seng said on Thursday that new substantial shareholder Celine Tang has been appointed as non-independent and non-executive director and non-executive chairman and Raymond Chia Lee Meng has ceased to be executive chairman.

Last week, the company announced that Celine Tang now holds 26.98 percent of Chip Eng Seng’s shares directly, in concert with her husband Gordon Tang, and holds a deemed stake of 2.75 percent, via shares held by Senz Holdings, a company in which Celine Tang, age 51, is a director. That was after seven shareholders agreed to sell a collective 29.73 percent stake to Tang.

Celine Tangis group managing director at SingHaiyi Group and managing director of Haiyi Holdings, as well as executive director of Tang Dynasty, a filing to SGX said.

Raymond Chia Lee Meng has ceased to be executive chairman, and is now an executive director and group CEO, Chip Eng Seng said in a filing to SGX after the market close on Thursday.

Before the sale of shares to Tang, Chia’s wife Lim Sock Joo had a 3.15 percent direct interest and a 1.78 percent deemed interest, comprising the 11.125 million shares held by Chia; after the sale, she has a 1.55 percent direct stake and a 1.78 percent deemed interest, the company has previously said.

Lim Tiang Chuan has resigned as director and executive deputy chairman, while Dawn Lim Sock Kiang resigned as director of the company, the filing Thursday said.

Lim Tiang Chuan sold his entire 7.06 percent direct stake in Chip Eng Seng to Tang, while Dawn Lim Sock Kiang retained a 0.38 percent direct stake, down from 2.46 percent before the share sale, the company previously said.

In addition, Lock Wai Han, age 51, was appointed an independent director and member of the audit committee of the company, Chip Eng Seng said.

Chip Eng Seng filed a notice of occurrence of a change of control to SGX on Friday.

For holders of the company’s S$120 million 4.75 percent notes due 2021 (series 002 notes) and the S$125 million 4.90 percent notes due 2022 (series 003 notes), which were issued under the S$750 multicurrency debt issuance program, the change of control gives them a put option to require the company to redeem the notes at 100 percent of the principal plus accrued interest as of the date of redemption, which will be 11 December, it said on Friday.

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