Update 5 Dec 2022 – The Tangs have increased the offer price by $0.03 to $0.75 and currently owns approximately 47.27% of the total number of issued Shares. This offer is now only 6% lower in valuation to the 2018 offer to the controlling shareholders which the Tangs had to offer a premium to obtain the entire share block and makes the current offer even more reasonable. Background In October 2018, the founding Lim family of Chip Eng Seng (CES) sold 29.73% of the company to Ceiline Tang and her husband Gordon Tang at $1.08 per share, retaining only 3.33% of the shareholding. Subsequently, Celine Tang was appointed Chairman of CES. In October 2019, CES carried out a rights issue to raise $96.3 million in net proceeds. The proceeds were to be used to finance expansions and acquisition plans. Due to the poor interest from minority shareholders, The Tangs had to subscribe for more than their allocated rights share as part of their agreement to underwrite the rights issue.