CES WL’s stake in Invictus has increased to about 39.7%, while White Lodge Education Group Services reduced its stake to 43.4%.
CES WL, a wholly-owned subsidiary of mainboard-listed property developer Chip Eng Seng Corp, has raised its stake in Invictus International School for some $10.3 million.
CES WL on Monday exercised an upsized option in full, to subscribe for 106,000 new shares in Invictus at S$96.9694731 apiece.
The shares have been issued to CES WL, Chip Eng Seng noted in a bourse filing on Tuesday morning.
Following the exercise of the option, CES WL’s stake in Invictus has increased to about 39.7 per cent, from 10.2 per cent; while White Lodge Education Group Services reduced its stake in Invictus to 43.4 per cent, from 64.6 per cent previously.
White Lodge Education is a 70 per cent-owned subsidiary of Chip Eng Seng.
Invictus is an independent co-educational international primary school under Chip Eng Seng’s education business.
Chip Eng Seng now has a 70.1 per cent effective interest in Invictus, up from 55.4 per cent.
Meanwhile, shareholder John Fearson’s stake in Invictus has shrunk to about 17 per cent from 25.2 per cent, the filing showed. Mr Fearson is the executive director of Invictus, according to his LinkedIn profile.
For the three months to Dec 31, 2019, Chip Eng Seng’s net profit halved to S$13.4 million, from S$26.6 million the year before, as revenue fell by 8 per cent to S$283.2 million.
Earlier this year in February, the company noted that it is working to open Invictus in Phnom Penh, Cambodia, by end-June, while Invictus International School Singapore has inked a long-term lease for a new campus.
Chip Eng Seng shares closed at S$0.51 on Tuesday, up 0.99 per cent.