Award-winning Financial Journalist

Ashish Saxena

Event-Driven

<a href="https://www.smartkarma.com/entities/6441" target="_blank" data-smartkarma-citation="entities:6441">Chip Eng Seng Corp Ltd</a> has executed a <a href="http://infopub.sgx.com/FileOpen/CES%20-%20Announcement_LOI.ashx?App=Announcement&amp;FileID=406324" target="_blank">letter of intent</a> to subscribe to a 70% stake in another SGX-listed company <a href="https://www.smartkarma.com/entities/18627" target="_blank" data-smartkarma-citation="entities:18627">P99 Holdings Ltd</a> at S$0.08 per share, for up to S$49.7 mln.The subscription price of S$0.08 per share is almost double the stock price of P99 Holdings before the announcement.P99 Holdings had ceased its business operations on December 1, 2014 and since then, it continues to be a "cash company" as defined under Rule 1017 of the Listing Manual.As on <a href="http://infopub.sgx.com/FileOpen/Monthly%20and%20Quarterly%20Announcement%2006May2016.ashx?App=Announcement&amp;FileID=403247" target="_blank">April 30</a>, P99 Holdings had net assets…

Chip Eng Seng Corp Ltd has executed a letter of intent to subscribe to a 70% stake in another SGX-listed company P99 Holdings Ltd at S$0.08 per share, for up to S$49.7 mln.The subscription price of S$0.08 per share is almost double the stock price of P99 Holdings before the announcement.P99 Holdings had ceased its business operations on December 1, 2014 and since then, it continues to be a "cash company" as defined under Rule 1017 of the Listing Manual.As on April 30, P99 Holdings had net assets…

Chip Eng Seng/P99 Holdings: Why Not Reveal More About China-Based Acquisition Targets?