Popiah king Sam Goi makes chain offer for Tat Seng Packaging after PSC offer turns unconditional

[SINGAPORE] Local tycoon Sam Goi has launched a cash offer to buy all shares of Tat Seng Packaging that he does not yet own at S$0.899 apiece.

He is obliged to make an offer for the company’s shares, given that his offer for shares of its controlling shareholder PSC Corporation turned unconditional on Thursday (Aug 7).

The Singapore code on takeovers and mergers requires that Goi make an offer for Tat Seng shares in the event that his PSC offer turns unconditional, or if he and his concert parties attain statutory control of PSC.

As at 6 pm on Thursday, Goi’s offer for PSC received valid acceptances that brought the total number of the company’s shares held by Goi and his concert parties to around 70 per cent of all PSC shares.

As the shares held by Goi and his concert parties carried more than 50 per cent of the voting rights of all PSC shares, his offer was declared unconditional.

Goi – the executive chairman of Tat Seng – along with the parties acting in concert with him, which includes PSC, held 64.2 per cent or 100.9 million of all Tat Seng shares as at Thursday.

He does not intend to actively pursue Tat Seng’s delisting from the mainboard of the Singapore Exchange (SGX).

However, if the number of shares held by Goi and his concert parties comes to 90 per cent or more of all Tat Seng shares at the chain offer’s close, Goi will compulsorily acquire all of its remaining shares and proceed to delist it from the SGX.

Dubbed “Popiah King”, Goi is also the executive chairman of Tee Yih Jia, the world’s largest producer of popiah skins.