Popiah King' Sam Goi Makes $123.5m Offer to Buy Rest of PSC

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.

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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 goods 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 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.