As at 6pm on June 21, Penguin had received a total of 191.18 million shares, or an 86.83% stake of the total number of shares in the company.
Penguin’s offer will turn unconditional when it has received over 90% of the shares in the company, as the percentage of shares held by the public will be lower than the requisite 10% under the free float requirement.
Penguin had made a cash offer of 82 cents per share on May 4, its second attempt to do so after its previous cash offer of 65 cents per share in January 2021.
The company increased its offer price to 83 cents per share on May 15. The revised offer includes Penguin’s dividend payout for FY2022.
See also: PSC Corp’s Sam Goi makes mandatory conditional cash offer of 40 cents for shares in the company
Shares in Penguin closed 0.5 cents higher or 0.6% up at 83.5 cents on June 21.
