Ossia International’s Goh brothers, Goh Ching Wah, Goh Ching Huat and Goh Ching Lai, is seeking to take the company private via a voluntary unconditional cash offer of 16 cents per share.
The offer price represents a premium of around 41.59% over Ossia’s last traded price of 11.3 cents on May 9. The company called for a trading halt on May 13.
The price also represents a premium of 41.59%, 20.39% and 16.36% over the volume-weighted average price (VWAP) of Ossia’s shares for the one-, three- and six-month periods.
Ching Wah, also known as George, is the group executive chairman and holds about 26.01% of Ossia’s shares.
Ching Huat, Ossia’s CEO and executive director, holds a 25.82% stake while Ching Lai, a non-executive director of the company, holds 32.96% of the shares.
Their sister, Goh Lee Choo, a substantial shareholder of the company, holds 1.27% of Ossia’s shares.
See also: Frasers Property offers 71 cents per unit to privatise Frasers Hospitality Trust
As at May 15, the siblings hold a total stake of about 86.06%. The offerors will need to get acceptances exceeding 90% of Ossia’s shares.
In June 2024, the Goh family made a voluntary unconditional general offer of 14.5 cents per share. At the time, the family cited the “generally low” trading volume as the reason behind the offer. The family eventually received 85.92% in valid acceptances at the close of the offer.
According to the family, the latest offer comes amid a “challenging business environment” in Singapore and its other key markets due to tariff uncertainties, geopolitical tensions among other reasons.
See also: Thai-listed stem cell company makes 25-cent conditional cash offer for 10% stake in Cordlife
In addition, the group cited the buyback exercise by Tumi and the brand’s transitioning its operations back to its principle “highlights the growing need for operational flexibility and agility in navigating this challenging operating environment”.
The offer will remain open for acceptances for at least 28 days from the date of the offer document.
On May 14, Ossia reported earnings of $7.0 million for the FY2025 ended March 31, 6.6% higher y-o-y, although earnings for the 2HFY2025 fell by 8% y-o-y to $6 million.
