Popiah king Sam Goi makes $123.5 million offer to buy rest of PSC
Mr Goi is the executive chairman of PSC and been steadily buying shares in the company over the past few years.
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 40 cents apiece. This comes after he spent $25.2 million on 63 million shares to raise his stake to 43.38 per cent.
Mr Goi is 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.
Dubbed 'popiah king', he is also the executive chairman of Tee Yih Jia, the world's largest producer of spring roll pastry, also known as popiah skins.
His offer for PSC represents a premium of 7.8 per cent over the stock's volume weighted average price of 37.1 cents in the past one-month period, according to a bourse filing by UOB Kay Hian on his behalf.
Given that PSC has a paid-up share capital of $177.3 million comprising 545.3 million shares, Mr Goi's offer would amount to $123.5 million, according to calculations made by The Business Times.
The offer comes after Mr Goi purchased 63 million shares in PSC from Sin Huat Company on July 10 also at 40 cents apiece. Sin Huat's shares, which represent a 11.55 per cent stake in PSC, brought Mr Goi's total holding to 43.38 per cent.
This acquisition, which will bring the number of shares he owns in the company to 236.5 million, will be completed on July 11 by way of a married deal.
Top stories
Swipe. Select. Stay informed.
Business S'pore to launch new grant for companies, expand support for workers amid US tariff uncertainties
World Trump to use presidential authority to send weapons to Ukraine, sources say
Opinion Whisper it softly, there's a new Japan rising
Asia Tariffs overshadow diplomacy as Asean foreign ministers press on with meetings
World The $12.8m bag: Original Birkin smashes records at Paris auction
Singapore Up to 90% of air-con units can be recycled, including greenhouse gas refrigerant
Singapore What 'skills first' really means: Panellists at SkillsFuture Forum talk culture, systems, mindsets
Singapore KTPH trials 'smart diapers' for adult patients to prevent skin conditions, relieve burden on nurses
The latest purchase triggered 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.
The offer price will not be cut, or adjusted for the final dividend of 1.3 cents per share for the financial year ended Dec 31, 2024. This was paid out on June 18, 2025.
According to the filing, Mr Goi does not intend to 'actively pursue' the delisting of PSC from the mainboard, although he intends to exercise his right to compulsorily acquire all the offer shares not acquired once he hits the 90 per cent threshold. He would then proceed to delist PSC from the bourse.
UOB Kay Hian said Mr 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 dropped to 76,287 for the past 12 months.
UOB Kay Hian also noted 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.
PSC shares fell 2.4 per cent, or one cent, to close at 40 cents before the announcement on July 10.
UOB Kay Hian also stated in the filing that there is a possible chain offer for mainboard-listed Tat Seng Packaging Group, in which PSC owns a controlling stake.
It said Mr Goi will need to make a mandatory unconditional cash offer for Tat Seng if his offer for PSC becomes unconditional, or if he acquires statutory control of PSC, 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. Mr Goi owns 409,700 shares, or about 0.26 per cent.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
2 hours ago
- Straits Times
Priority for singles, higher quota for second-timer families to kick in from HDB's July BTO exercise
Find out what's new on ST website and app. The July exercise will also see enhancements to the Deferred Income Assessment scheme and the Fresh Start Housing Grant take effect. SINGAPORE – A slew of policy changes will kick in, starting with the upcoming HDB's Build-To-Order (BTO) flat sales exercise in July, benefiting singles as well as families looking to upgrade or right-size their homes. Laying out the changes in a statement on July 20, the Housing Board said the one benefiting singles involves a previously announced new F amily C are S cheme , meant to also provide singles with priority access to BTO flats when they buy one near or with their parents. Prime Minister Lawrence Wong had announced the scheme in his first National Day Rally speech in 2024 as a means to bolster intergenerational support among families. Without the update, priority access would remain reserved only for married couples and their parents. HDB on July 20 said first-time single buyers currently have up to 65 per cent of two-room flexi BTO flats and up to 5 per cent of Sale of Balance Flats (SBFs) set aside for them after such flats are allocated to seniors. Within these quotas, up to 30 per cent of two-room flexi BTO flats and up to 2 per cent of SBFs will be set aside for first-timer singles applying under the new scheme. The remaining quotas will be for other first-timer singles, HDB said. Top stories Swipe. Select. Stay informed. Singapore 1 in 3 vapes here laced with etomidate; MOH working with MHA to list it as illegal drug: Ong Ye Kung Singapore HSA extends hotline hours, launches new platform to report vaping offences Singapore 2-in-1 airport police robot on trial can patrol and serve as PMD with ride-hailing feature Asia Tearful relatives await news of victims in Vietnam boat capsize Singapore ComfortDelDro to discipline driver who flung relative's wheelchair out of taxi Multimedia How to make the most out of small homes in Singapore Asia Over 380,000 people affected by autogate glitch at JB checkpoint over 2 days Singapore Minor Issues: Why I didn't send my daughters to my brand-name primary school HDB, meanwhile, specified that there will be no change to the existing priority access for married couples and seniors. The new scheme has a second component which grants singles priority if they jointly apply for two units in the same BTO project with their parents. But this would kick in only from the October sales exercise, HDB said. The change pertaining to families is for those applying for a BTO for the second time. HDB said it will increase the allocation quota of three-room and larger flats for this group by 5 percentage points from the July exercise . This is to support these families' 'upgrading aspirations and right-sizing plans', it stated. With the change, up to 20 per cent of three-room Standard flats and up to 10 per cent of three-room Plus and Prime flats and four-room and larger flats would be set aside for second-timer families. First-timer families would, however, still have at least 80 to 90 per cent of three-room and larger flats set aside for them, HDB noted. The July exercise would also see enhancements to the Deferred Income Assessment (DIA) scheme and the Fresh Start Housing Grant take effect, HDB said. The DIA scheme lets couples defer their income assessment until nearer the key collection date, so they can qualify for a bigger loan as their incomes are likely to be more stable and higher by then, without deferring their flat application. Under the enhanced DIA scheme, only one of the two parties needs to be a recent or current full-time student or national serviceman before a couple can apply for a new flat with its help. Previously, both parties needed to meet this requirement. The increase of the Fresh Start Housing Grant from $50,000 to $75,000 for second-timer public rental households with children was announced at the Ministry of National Development's Committee of Supply debate earlier this year. HDB said this change, also to kick in from the July exercise, will help eligible second-timer families use the increased grant to buy a new two-room flexi or three-room standard BTO, or SBF flat, on a shorter lease. About 5,500 BTO flats in Bukit Merah, Bukit Panjang, Clementi, Sembawang, Tampines, Toa Payoh and Woodlands will be launched in the July exercise, HDB said. Some 5,030 flats were launched in the last BTO exercise on Feb 10 . More than 4,600 SBF units will also be up for picks in the concurrent SBF exercise to take place in July, it added. 'We will continue to refine our public housing policies to keep public housing affordable, accessible and inclusive for Singaporeans,' HDB said.
Straits Times
3 hours ago
- Straits Times
Crypto exchange Tokenize Xchange to shut down Singapore operations
Find out what's new on ST website and app. Tokenize Xchange founder and chief executive Hong Qi Yu declined to comment on why the firm was denied a licence by the MAS. SINGAPORE – Cryptocurrency exchange Tokenize Xchange will cease its operations here from September 30, just over a year after raising US$11.5 million (S$14.9 million) in funding and announcing plans to ramp up hiring. The Singapore-headquartered firm said on July 20 that it will shut down the business following the Monetary Authority of Singapore's (MAS) decision not to grant it a licence to offer digital payment token services here. Tokenize was previously operating under an exemption. The firm said it will shift its operations to Labuan, a federal territory in Malaysia, where it is in the process of acquiring a company that holds a Digital Financial Services License issued by the Labuan Financial Services Authority. The deal is expected to close by September 30. It will also seek regulatory approval from the Abu Dhabi Global Market, an international financial centre and free economic zone located in Abu Dhabi, the capital of the United Arab Emirates. Tokenize said all 15 of its employees in Singapore have been given notice and will leave the company by September 30. When contacted, Tokenize founder and chief executive Hong Qi Yu declined to comment on why the firm was denied a licence by the MAS. But he told The Straits Times on July 20 that Labuan will allow Tokenize to operate under a 'recognised regulatory framework tailored for cross-border digital asset services'. '(Labuan) also offers greater flexibility, tax efficiency, and access to international markets, supporting the platform's global growth ambitions,' he said. Tokenize said its Singapore customers can no longer buy or sell cryptocurrencies on its platform, and may only transfer their cryptocurrency holdings to other exchanges, where they can convert them to cash and make withdrawals. But users can continue to withdraw cash directly from the exchange based on the Singapore dollar value of each user's portfolio, which includes both fiat and cryptocurrency holdings This value, viewable in users' wallets, determines the withdrawal tier they are placed in under a phased schedule. Users with portfolios below $10,000 have been able to withdraw the cash portion of their holdings and transfer their cryptocurrencies to other exchanges since July 17. Those with portfolios between $10,000 and $99,999 may do so from August 1, while users with $100,000 and above can start from September 1. All withdrawals and transfers must be completed by September 30. ST has reached out to the MAS for comment. While Tokenize serves retail and institutional investors in Singapore and overseas - including Malaysia and Vietnam - its exit from the Republic comes after the MAS said on June 6 that digital token service providers targeting only overseas customers must be licensed by June 30 or cease operations . ST understands that the move has triggered an exodus of unlicensed cryptocurrency exchanges from Singapore. More than 500 staff - from management to junior levels across firms supporting the Republic's fintech ecosystem - are expected to relocate to the United Arab Emirates or Hong Kong, where regulators are seen to take a softer stance on digital assets.
Business Times
4 hours ago
- Business Times
Caution, greenwashing concerns slow South-east Asia's sustainable finance in Q1 2025
[SINGAPORE] Proceeds from environmental, social and governance (ESG)-labelled debt instruments in South-east Asia fell sharply in the first quarter of 2025, as companies and investors grew more cautious amid geopolitical tensions, economic uncertainty and rising scrutiny over greenwashing risks. According to financial data provided by LSEG, ESG bond proceeds fell 15 per cent year on year to US$4.6 billion in the three months from January to March, while ESG loans dropped by a steeper 23.4 per cent to US$10.2 billion. Sustainable finance analysts said corporates and investors might have been more cautious amid current geopolitical and economic uncertainties, with the global pullback on climate action spurred by the US. However, they noted that US President Donald Trump's climate policies may not be the decline's only key driver. 'Increased global scrutiny and debate over ESG in certain markets may be contributing to a more cautious approach among both issuers and investors, although the direct impact on Asean is challenging to directly correlate and quantify,' said Melissa Cheok, associate director at Sustainable Fitch. A maturation within Asean's sustainable finance markets, as well as corporates becoming more aware of greenwashing risks, are other factors as well. A NEWSLETTER FOR YOU Friday, 12.30 pm ESG Insights An exclusive weekly report on the latest environmental, social and governance issues. Sign Up Sign Up ESG bonds The decline in ESG bond proceeds in South-east Asia outpaced the global market, which saw ESG bond proceeds come in at US$234.6 billion in Q1 2025, a 5.9 per cent dip from US$249.3 billion in the same period a year earlier. The Asia-Pacific region bucked the trend, with ESG bond issuances rising to US$47.2 billion, a 12.1 per cent increase from US$42.2 billion over the same period. Within South-east Asia, funding from social and sustainability bonds overtook green bonds, which usually have the highest number of issuances among ESG-labelled bonds. After accessing debt capital markets in the last few years, large corporates in the region are now focusing on deploying and managing proceeds in a way that is aligned with sustainability or climate-related themes and projects, said Cheok. In the meantime, small and medium-sized enterprises are in the early stages of adapting to newly implemented regulatory frameworks; they are also allocating internal resources to build the necessary capacity for compliance and reporting. 'Thus, an ongoing phase of capacity building remains a salient feature of the market landscape,' said Cheok. With expectations that the US central bank might cut interest rates only towards the end of the year, borrowing costs will remain high and may deter some issuers from tapping the market, particularly those with weaker credit profiles or narrower operating margins. Nevertheless, Cheok said that investor demand for ESG debt instruments remain resilient, underpinned by dedicated ESG mandates, evolving regulatory requirements, the focus on transition and the strategic importance of sustainability for both issuers and investors. The top bookrunners for ESG bond deals in South-east Asia over H1 2025 were UBS (US$642.5 million), Morgan Stanley (US$432.7 million) and Deutsche Bank (US$351.4 billion). ESG loans The fall in ESG loan proceeds in South-east Asia was tamer than in the rest of the world. Across the global market, the amount of capital raised from ESG loans fell 47.8 per cent to US$113.1 billion in Q1 2025, from US$216.6 billion in Q1 2024. As for Asia-Pacific, funds from ESG loans came to US$20.4 billion, down 35.1 per cent from US$31.5 billion a year earlier. Aaron Chow, SMBC's head of loan capital markets department in Asia-Pacific, said ESG financing's share of the total loans market has fallen substantially, given that loan issuance volumes in South and South-east Asia were up in Q1 2025 compared to the previous year. He added that companies are adopting a more measured approach towards ESG financing particularly when it comes to setting credible targets in sustainability-linked loans (SLLs), reflecting the growing scrutiny and awareness of greenwashing risks. In addition, price compression observed through 2024 and into Q1 2025 has made SLLs less attractive for lenders, as margins may be further reduced if these targets are met. SLLs are loan instruments that offer borrowers interest rate discounts if they have met pre-determined sustainability- or climate-related targets. Chow added that corporates across Asia-Pacific and South-east Asia remain committed to their long-term ESG goals, although the levels of ambition would vary by market and sector. They are driven by domestic regulatory pressures, stakeholder expectations, and the pursuit of energy security and sustainable development. He expects ESG loan activity in the region to remain robust over the rest of the year, particularly in the areas of energy efficiency, water and social finance. SMBC was the top arranger for ESG loans in South-east Asia across the first three months of 2025, with US$866.7 million raised. Bank of China and ICBC tied for second place, at US$723.4 million each.
