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

[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 S$0.40 a piece. This comes after he spent S$25.2 million on 63 million shares to raise his stake to 43.38 per cent.

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.

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.