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

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles

Business Times
3 hours ago
- Business Times
BT's new Sustainability Impact Dialogue seeks to spark change for good
[SINGAPORE] As sustainability grows more urgent, so does the need for deeper, action-oriented conversations. The inaugural Sustainability Impact Dialogue aims to help fill that gap. Held at SPH Media's Studio+65, the four-part series is a new extension of the Sustainability Impact Awards (SI Awards), now in its third edition and jointly organised by The Business Times and UOB. The first session, themed 'Navigating Sustainability Forward', will take place on Jul 22 and will feature Dr Amy Khor, former senior minister of state for sustainability and the environment, and Eric Lim, UOB's chief sustainability officer. Moderated by BT editor Chen Huifen, the dialogue will explore how businesses are moving beyond compliance and positioning sustainability as a driver of innovation, resilience, and brand value. While the first session is a closed-door event with a small audience, which includes C-suite leaders from corporates, a post-event coverage will be published in BT for those interested in the key insights and discussions. The goal of the dialogue, said Lim, is to 'turn conversations into changes for a better future' by spotlighting emerging trends, encouraging the exchange of best practices, and fostering cross-sector collaboration. A NEWSLETTER FOR YOU Friday, 12.30 PM ESG Insights An exclusive weekly report on the latest environmental, social and governance issues. Sign Up We have other newsletters you might enjoy. Take a look. 'Sustainability is a shared responsibility, and progress happens when we work together with our partners with purpose,' he said. Both BT and UOB hope to catalyse real action by convening sustainability experts, business leaders, policymakers and community advocates. The dialogue series complements the SI Awards, which was launched in 2023 to recognise individuals and businesses in Singapore that have made significant contributions to the country's environmental and social sustainability. The Centre for Governance and Sustainability at the NUS Business School is knowledge partner of the awards. Dr Khor, known for spearheading policies such as the Zero Waste Masterplan, the charge on single-use bags, and improvements to hawker centres, will chair this year's judging panel. Awards will be presented at the SI Awards 2025 Dinner in late September across three main categories: large enterprises, small and medium-sized enterprises, and individuals. Following the first session in July, the dialogue will continue with a second event on Aug 21, with the final two scheduled for September and November. Further details will be announced in due course. Those who are interested in attending future sessions of the dialogue may register their interest by sending an e-mail to smlin@ More information on the SI Awards is available at

Straits Times
16 hours ago
- Straits Times
Singapore shares continue to climb on strong sentiment, tracking regional indexes; STI up 1%
Find out what's new on ST website and app. The Straits Times Index was up by 1 per cent or 41.77 points to 4,273.05. SINGAPORE – Growing optimism that new deals struck with the US will bring stability to the global trading system spurred buying here and across the region on July 24. The buoyant sentiment lifted the Straits Times Index (STI) by 1 per cent or 41.77 points to 4,273.05. Trading volumes were solid with 2.4 billion shares worth $1.9 billion changing hands while gainers outnumbered losers 356 to 223. The banks were among the big winners here with DBS up 2.2 per cent to $49.21 while UOB added 0.3 per cent to $37.36 and OCBC advanced 0.3 per cent to $17.27. ST Engineering was the STI's top gainer, up 7.1 per cent to $8.86; Hongkong Land was the biggest loser, down 2.2 per cent to US$6.19. Key regional bourses were mostly on the same page as the STI. South Korea's Kospi rose 0.2 per cent, the Nikkei 225 in Tokyo advanced 1.6 per cent, Hong Kong's Hang Seng added 0.5 per cent and Malaysian shares gained 0.7 per cent. Australia was the outlier, with the ASX 200 down 0.3 per cent on concerns about delayed interest rate cuts. Top stories Swipe. Select. Stay informed. Asia Live: People evacuated from border regions amid deadly Thailand-Cambodia clash Asia 11 Thai civilians killed as Thai and Cambodian militaries clash at disputed border: Reports Singapore Khatib Camp to make way for housing, with its functions moving to Amoy Quee Camp Singapore First BTO flats in Greater Southern Waterfront, Mount Pleasant to go on sale in October Singapore Primary 1 registration: 29 schools to conduct ballot in Phase 2B Asia 'Vampire coach': Coercive blood sampling in school casts spotlight on Taiwan's culture of obedience Singapore 1,300 names, addresses of traffic offenders published online; police investigating Singapore Boy, 15, charged after being caught with vapes 5 times; ordered to stay 2 years in S'pore Boys' Home Wall Street kept powering ahead overnight, driven by the deal made with Japan and promising talks with the European Union (EU). The S&P 500 climbed 0.8 per cent to a third straight record while the Nasdaq advanced 0.6 per cent to end above 21,000 points for the first time. The Dow closed a fraction shy of the high set in December. Traders are optimistic that the worst-case tariff scenarios may have been priced too pessimistically, said SPI Asset Management managing partner Stephen Innes. The Japan deal cut tariffs on imports to 15 per cent, rather than the 25 per cent that US President Donald Trump had earlier threatened.
Business Times
17 hours ago
- Business Times
Singapore shares continue to rise, tracking regional indices; STI up 1%
[SINGAPORE] The Straits Times Index (STI) closed higher on Thursday (Jul 24), tracking regional indices. The STI ended 1 per cent or 41.77 points up at 4,273.05. Across the broader market, advancers outnumbered decliners 356 to 223, after 2.4 billion shares worth S$1.9 billion changed hands. The trio of local banks continued to rise on Thursday. DBS gained 2.2 per cent or S$1.08 to close at S$49.21, UOB was up 0.3 per cent or S$0.13 at S$37.36, and OCBC advanced 0.3 per cent or S$0.06 to S$17.27. ST Engineering was the top gainer on the STI, closing up 7.1 per cent or S$0.59 at S$8.86. The biggest loser was Hongkong Land , which declined 2.2 per cent or US$0.14 to US$6.19. 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 were up, with South Korea's Kospi rising 0.2 per cent and Japan's Nikkei 225 advancing 1.6 per cent. Hong Kong's Hang Seng Index ended 0.5 per cent higher, and Malaysia's KLCI gained 0.7 per cent. Traders are riding on the optimism that the worst-case tariff scenarios may have been priced too pessimistically, said Stephen Innes, managing partner, SPI Asset Management. The trade deal announced between the US and Japan on Wednesday cut tariffs on Japanese imports to 15 per cent, rather than the 25 per cent that US President Donald Trump had earlier threatened. This is said to have provided a lifeline for global risk appetite. The rumours that the US-European Union accord could mirror the same 15 per cent figure have given stocks wind beneath their wings, added Innes. 'The tariff average settling at 15 per cent – if achieved – would be seen as damage control rather than destruction. Markets, ever forward-looking, are repositioning for a softer landing,' he noted.