Singaporean billionaire Sam Goi has offered to acquire all the remaining shares of consumer goods manufacturer and distributor PSC Corp for S$123.5 million (US$96.5 million).
Goi proposed buying the 308.7 million shares of Singapore-listed PSC that he does not already own for S$0.40 each, a 7.8% premium over the stock’s one-month volume-weighted average price of S$0.371, The Business Times reported, citing a stock exchange filing by brokerage firm UOB Kay Hian on the tycoon’s behalf.
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“Popiah King” Sam Goi, executive chairman of Tee Yih Jia Group. Photo by SPH Media via AFP |
Goi has served as PSC’s chairman since 2021 and has gradually increased his holdings in the firm over the years.
The latest offer came after he purchased 63 million PSC shares at S$0.40 each last week, lifting his stake from 31.8% to 43.4%.
Under a rule in the Singapore Code on takeovers and mergers, anyone holding 30-50% of a company’s voting rights who acquires additional shares carrying more than 1% of the voting rights within any six-month period is required to make a general offer for the remaining shares they do not already own.
Goi is eyeing PSC’s takeover amid the company’s push to grow and diversify its business, according to Forbes. Last year, the firm took a major step into the coffee sector by acquiring a 51% stake in Singapore-based roastery Kim Guan Guan Coffee.
UOB Kay Hian said PSC is navigating challenges on its home turf and in other key markets, which stem from tariff uncertainties and geopolitical tensions. It added that unfavorable weather has driven up commodity prices and production costs for the firm and its subsidiaries.
In Singapore, Goi is best known as the executive chairman and owner of Tee Yih Jia Food Manufacturing, the world’s largest maker of spring roll pastry, also known as popiah skins, earning him the nickname “popiah king,” according to The Straits Times.
He also invests in real estate and ranks among the richest people in the city-state, boasting a net worth of US$3.1 billion.
