logo
Popiah king Sam Goi makes S$0.40 a share offer to buy rest of PSC

Popiah king Sam Goi makes S$0.40 a share offer to buy rest of PSC

Business Times10-07-2025
[SINGAPORE] Local tycoon Sam Goi has made a mandatory offer to buy the remaining shares of PSC Corp that he does not already own at S$0.40 a piece. This comes after he spent S$25.2 million on 63 million shares to raise his stake to 43.38 per cent.
The offer represents a premium of 7.8 per cent over the volume weighted average price of S$0.371 in the past one-month period, according to a bourse filing by UOB Kay Hian on his behalf.
Dubbed the local 'popiah king', Goi on Thursday (Jul 10) bought the shares at S$0.40 apiece, lifting his stake from 31.82 per cent, the filing said. This acquisition, which will bring the number of shares he owns in the company to 236.5 million, will be completed on Jul 11 by way of a married deal.
Given that PSC has a paid-up share capital of S$177.3 million comprising 545.3 million shares, Goi's offer would amount to S$123.5 million, according to calculations made by The Business Times.
Goi is also the executive chairman of PSC, a fast-moving consumer good manufacturer and distributor. He has been steadily buying shares in the company over the past few years.
The latest purchase triggers a rule in the Singapore Code on takeovers and mergers whereby anyone who holds more than 30 per cent, but not exceeding 50 per cent of the voting rights of a company is required to make a mandatory general offer for all the shares in the company which he does not already own.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Sign Up
Sign Up
The offer price will not be cut, or adjusted for the final dividend of S$0.013 per share for the financial year ended Dec 31, 2024. This was paid out on Jun 18, 2025.
UOB Kay Hian said Goi's offer presents existing shareholders with a 'clean cash exit opportunity to realise their entire investment', without incurring brokerage and other trading costs.
In laying out the rationale of the offer, the filing also notes that the trading volume of PSC shares has been low – at a daily average of around 183,790 shares in the previous month. The number drops to 76,287 for the past 12 months.
UOB Kay Hian also notes that PSC faces a challenging business environment in Singapore and its other key markets, due to tariff uncertainties and geopolitical tensions.
Adverse weather conditions have also impacted commodity prices and production costs for PSC and its subsidiaries, it noted.
Goi does not currently intend to actively pursue PSC's delisting from the mainboard, the filing said.
PSC shares fell S$0.01, or 2.4 per cent, to close at S$0.40 before the announcement.
In a separate filing, UOB Kay Hian said that Goi will make a mandatory unconditional cash offer for Tat Seng Packaging Group, in which PSC owns a controlling stake.
This is if Goi's offer for PSC becomes unconditional, or if he acquires statutory control of the company, he will need to make an offer for Tat Seng under what is known as a chain offer condition.
PSC holds 100.5 million of Tat Seng's ordinary shares, or a stake of around 63.95 per cent. Goi owns 409,700 shares, or about 0.26 per cent.
If and when a chain offer for Tat Seng is made, the price shall be S$0.899 a share.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

ST Index up on Wednesday, mirroring regional indices
ST Index up on Wednesday, mirroring regional indices

Business Times

time5 hours ago

  • Business Times

ST Index up on Wednesday, mirroring regional indices

[SINGAPORE] The Straits Times Index (STI) closed higher on Wednesday (Jul 23), mirroring regional indices. The STI rose 0.6 per cent or 23.02 points to 4,231.28. Across the broader market, advancers outnumbered decliners 427 to 164 after 2.4 billion shares worth S$1.7 billion changed hands. The trio of local banks closed higher on Wednesday, with DBS up 1.9 per cent or S$0.88 at S$48.13. UOB rose 0.6 per cent or S$0.23 to S$37.23 and OCBC closed up 0.1 per cent or S$0.02 at S$17.21. DFI Retail Group was the top gainer on the STI, closing up 9.2 per cent or US$0.29 at US$3.45. The biggest loser was ST Engineering , which dropped 2.1 per cent or S$0.18 to S$8.27. Across the region, major indices ended higher, with the Kospi gaining 0.4 per cent and the Nikkei 225 up 3.5 cent. Hong Kong's Hang Seng Index closed up 1.6 per cent and the KLCI rose 0.7 per cent. The fading momentum of tech stocks is starting to weigh on major US benchmarks, said Jose Torres, senior economist at Interactive Brokers. But the wider US market remains positive, as every other major sector was still upbeat during a quiet day for economic releases. Overreliance on the 'Magnificent 7' – comprising Apple, Alphabet, Microsoft, Amazon, Tesla, Meta and Nvidia – is contributing to the market turning defensive, picking up Treasuries, gold and volatility protection instruments, said Torres. With tech and communications services' rally bolstered by looser regulations, financial services could see the same impact as efforts are made to loosen regulations,' he added. 'While less red tape is poised to improve profitability at banks, the lending and capital expenditure implications of reducing regulations are also quite stimulative to the economy because additional funds are opened up for consumption, investment and fixed income purchasing,' said Torres.

ST Index inches up on Wednesday, mirroring regional indices
ST Index inches up on Wednesday, mirroring regional indices

Business Times

time6 hours ago

  • Business Times

ST Index inches up on Wednesday, mirroring regional indices

[SINGAPORE] The Straits Times Index (STI) closed higher on Wednesday (Jul 23), mirroring regional indices. The STI inched up 0.6 per cent or 23.02 points to 4,231.28. Across the broader market, advancers outnumbered decliners 427 to 164 after 2.4 billion shares worth S$1.7 billion changed hands. The trio of local banks closed higher on Wednesday, with DBS up 1.9 per cent or S$0.88 at S$48.13. UOB rose 0.6 per cent or S$0.23 to S$37.23 and OCBC closed up 0.1 per cent or S$0.02 at S$17.21. DFI Retail Group was the top gainer on the STI, closing up 9.2 per cent or US$0.29 at US$3.45. The biggest loser was ST Engineering , which dropped 2.1 per cent or S$0.18 to S$8.27. Across the region, major indices ended higher, with the Kospi gaining 0.4 per cent and the Nikkei 225 up 3.5 cent. Hong Kong's Hang Seng Index closed up 1.6 per cent and the KLCI rose 0.7 per cent. The fading momentum of tech stocks is starting to weigh on major US benchmarks, said Jose Torres, senior economist at Interactive Brokers. But the wider US market remains positive, as every other major sector was still upbeat during a quiet day for economic releases. Overreliance on the 'Magnificent 7' – comprising Apple, Alphabet, Microsoft, Amazon, Tesla, Meta and Nvidia – is contributing to the market turning defensive, picking up Treasuries, gold and volatility protection instruments, said Torres. With tech and communications services' rally bolstered by looser regulations, financial services could see the same impact as efforts are made to loosen regulations,' he added. 'While less red tape is poised to improve profitability at banks, the lending and capital expenditure implications of reducing regulations are also quite stimulative to the economy because additional funds are opened up for consumption, investment and fixed income purchasing,' said Torres.

STI inches up on Wednesday, mirroring regional indices
STI inches up on Wednesday, mirroring regional indices

Business Times

time9 hours ago

  • Business Times

STI inches up on Wednesday, mirroring regional indices

[SINGAPORE] The Straits Times Index (STI) closed higher on Wednesday (Jul 23), mirroring regional indices. The STI inched up 0.6 per cent or 23.02 points to 4,231.28. Across the broader market, advancers outnumbered decliners 427 to 164 after 2.4 billion shares worth S$1.7 billion changed hands. The trio of local banks closed higher on Wednesday, with DBS up 1.9 per cent or S$0.88 at S$48.13. UOB rose 0.6 per cent or S$0.23 to S$37.23 and OCBC closed up 0.1 per cent or S$0.02 at S$17.21. DFI Retail Group was the top gainer on the STI, closing up 9.2 per cent or US$0.29 at US$3.45. The biggest loser was ST Engineering , which dropped 2.1 per cent or S$0.18 to S$8.27. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Across the region, major indices ended higher, with the Kospi gaining 0.4 per cent and the Nikkei 225 up 3.5 cent. Hong Kong's Hang Seng Index closed up 1.6 per cent and the KLCI rose 0.7 per cent. The fading momentum of tech stocks is starting to weigh on major US benchmarks, said Jose Torres, senior economist at Interactive Brokers. But the wider US market remains positive, as every other major sector was still upbeat during a quiet day for economic releases. The overreliance on the 'Magnificent 7' – comprising Apple, Alphabet, Microsoft, Amazon, Tesla, Meta and Nvidia – is contributing to the market turning defensive, picking up treasuries, gold and volatility protection instruments, said Torres. With and tech and communications services' rally bolstered by looser regulations, financial services could see the same impact as efforts are made to loosen regulations. 'While less red tape is poised to improve profitability at banks, the lending and capital expenditure implications of reducing regulations are also quite stimulative to the economy because additional funds are opened up for consumption, investment and fixed income purchasing,' said Torres.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store