The offerors say the company faces a challenging environment in Singapore and abroad
[SINGAPORE] Shares of Ossia jumped more than 40 per cent on Friday (May 16), after group executive chairman George Goh Ching Wah, chief executive Goh Ching Huat and non-executive director Goh Ching Lai made an unconditional offer on Thursday to take the group private at S$0.16 per share.
This offer price is a premium of about 41.6 per cent over its last trading price on May 9 – before the company called for a trading halt on Tuesday pre-market open – of S$0.113. The lifestyle products retailer and distributor proceeded to lift the trading halt on Thursday evening.
As at 9.01 am, Ossia’s share price rose to S$0.16, S$0.047 higher from its last close of S$0.113. By 9.18 am, it inched down to S$0.159, up 40.7 per cent or S$0.046 with 8,600 securities changing hands.
The offerors – who are brothers – said the company faces a challenging environment in Singapore and abroad amid an uncertain economic climate stemming from tariff turmoil and geopolitical tensions.
They explained that this offer will give shareholders a chance to realise their investments at a premium without incurring brokerage costs.
Additionally, it presents an opportunity for shareholders who may find it difficult to exit their investments due to low trading liquidity, the brothers said.
The trio collectively hold stakes which total 84.79 per cent in the Singapore mainboard-listed company, which operates Harvey Norman.
In June 2024, the Goh family made its first offer to privatise the company at S$0.145 per share in cash through a voluntary unconditional offer.
When the offer closed in August, the family ended with a shareholding 85.9 per cent.
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