SGX-ST questions Chip Eng Seng's incomplete announcement

Certain information required under the Listing Rules was not disclosed.

Referring to the announcement on increase of shareholding in Grange Properties Pte. Ltd., the Singapore Exchange Securities Trading Limited said, “We note that the announcement did not disclose (1) the factors taken into account at arriving at the consideration and how it will be satisfied; and (2) the value of the assets acquired. These information are required under Listing Rules 1008(2)(a) and (b).”

The Board of Directors of Chip Eng Seng Corporation Ltd clarified:

The consideration has been arrived at on a willing buyer, willing seller basis, taking into account the net tangible asset value of Grange Properties Pte. Ltd. The consideration will be satisfied in cash which will be funded through the internal resources of the Company. The net tangible asset value of Grange Properties Pte. Ltd. was S$15.5 million as at 30 September 2012.