PSC Corporation Ltd: Mandatory Offer Declared Unconditional, Chain Offer for Tat Seng Packaging Triggered — What Retail Investors Need to Know

Key Takeaways from the Latest PSC Corporation Ltd Offer Announcement

The takeover saga of PSC Corporation Ltd. has reached a pivotal stage, with a series of developments that hold significant implications for shareholders and the future of the company. Here’s what retail investors need to know:

• Mandatory Conditional Cash Offer for PSC Corporation Ltd has now been declared unconditional in all respects.
• The Offeror, Dr. Goi Seng Hui, now controls approximately 70.04% of the total issued PSC shares (excluding treasury shares).
• The closing date for the offer has been extended to 11 September 2025, giving remaining shareholders more time to decide.
• This triggers a chain offer obligation for Tat Seng Packaging Group Ltd (TSP), another listed company, following PSC’s change of control.

Detailed Overview: What Has Happened?

1. Offer Declared Unconditional

As of 7 August 2025, UOB Kay Hian (UOBKH) announced on behalf of Dr. Goi Seng Hui that the minimum acceptance condition for the mandatory offer has been met. The offeror and parties acting in concert now hold 381,899,141 shares or about 70.04% of PSC’s total shares, well above the 50% threshold required for control.

Prior to the offer, Dr. Goi and his concert parties controlled 43.40% of PSC. Valid acceptances since the offer launched have added another 26.66% of shares, with no additional off-market acquisitions during the offer period. This consolidation of control is a major corporate event and could lead to strategic changes at PSC going forward.

2. Extension of Offer Closing Date

Because the offer is now unconditional, retail shareholders who have not yet accepted have until 5.30 p.m. (Singapore time) on 11 September 2025 to make their decision. The extension gives investors more time to review their options, especially as the offeror is approaching a dominant shareholding position.

Shareholders who have already accepted do not need to take further action and will receive payment for their shares within seven business days from the unconditional date. New acceptances will be paid out within seven business days of receipt.

3. Chain Offer for Tat Seng Packaging Group Ltd (TSP)

This is a crucial development. Under Singapore’s takeover code, a chain principle applies: when a shareholder acquires statutory control of a company which itself controls another listed entity, a mandatory offer must be made for the second entity.

Because PSC owns significant shares in Tat Seng Packaging Group Ltd, Dr. Goi’s acquisition of control in PSC triggers a mandatory unconditional cash offer for all TSP shares not already owned by him or his concert parties. Details of the TSP offer will be announced in subsequent releases, but retail investors in both PSC and TSP should closely monitor these announcements for pricing and terms.

The chain offer mechanism is designed to protect minority shareholders in the downstream company (TSP) and can have a direct impact on its share price and liquidity. TSP shareholders should expect increased market activity and potential price volatility as the offer details emerge.

4. Practical Information for PSC Shareholders

– Action Required: If you wish to accept the offer and have not done so, submit your acceptance forms to the Central Depository (CDP) or PSC’s share registrar, B.A.C.S. Private Limited, before the new closing date. Electronic submissions are available via SGX’s Investor Portal for CDP account holders.

– Payment Timeline: Expect payment within seven business days after receipt of your valid acceptance.

– Lost/Misplaced Documents: Contact CDP or B.A.C.S. for replacements and further assistance.

– CPF/SRS Investors: Reach out to your respective agent banks with instructions before the closing date.

Potential Price Sensitivity and Share Value Impact

The consolidation of control by Dr. Goi is a material event that could impact PSC’s future strategy, potential privatisation, delisting, or restructuring. The chain offer for TSP is also price-sensitive, as it may lead to an uptick in TSP’s share price in anticipation of the offer. Both PSC and TSP are likely to experience increased trading activity and volatility in the near term.

Retail shareholders should assess whether to accept the offer, hold out for potential post-offer price improvements, or await further corporate developments. Consulting with professional advisers is strongly recommended.

Next Steps

– Monitor further announcements about the TSP chain offer for details on pricing and terms.
– Review your investment position in both PSC and TSP, considering the potential for further corporate action.
– If you have questions, UOB Kay Hian’s corporate finance team is available at [email protected].

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Retail investors should consult their financial advisers, stockbrokers, or other professionals before making any decisions regarding the offer or their shareholdings in PSC Corporation Ltd or Tat Seng Packaging Group Ltd.

View PSC Corporation Historical chart here