3 days ago
‘Popiah' Billionaire Sam Goi To Buy Rest Of Singapore's PSC For $96.5 Million
PSC, which counts billionaire Sam Goi as its biggest shareholder, distributes consumer goods from ... More cooking oil to rice in Singapore.
Billionaire Sam Goi has offered to buy the rest of Singapore-listed consumer goods company PSC Corp for S$123.5 million ($96.5 million).
The self-made tycoon —whose Tee Yih Jia Food Manufacturing is one of the world's biggest makers of popiah skins, which are used to wrap spring rolls—is offering to buy 308.7 million PSC shares at S$0.40.
The mandatory offer is being made by Goi after purchasing an additional 63 million PSC shares at S$0.40 each this week, raising his stake in the company to 43.4% from 31.8%.
Goi is seeking to take over the PSC as the company seeks to scale up and diversify its operations. Last year, the distributor of consumer products from cooking to oil bought a 51% stake in Kim Guan Guan Coffee (KGG), marking its strategic expansion into coffee manufacturing and retailing.
'With a rich legacy spanning almost 40 years, KGG is a renowned brand that has become a household name in Singapore's coffee industry,' Goi, who has been chairman of PSC since 2021, said in the company's latest annual report. 'Its strong reputation for quality and consistency has established it as a dominant market player, making it an ideal addition to the group's portfolio.'
With a real-time net worth of $3.1 billion, Goi is among the wealthiest in Singapore. He also has real estate interests through his stakes in listed firms GSH and KOP.
