Goh family garners 85.9% of Ossia International shares at offer close

THE Goh family’s shareholding in Ossia International has risen to 85.9 per cent as at the close of its privatisation offer on Aug 30, the lifestyle products retailer and distributor said on Monday (Sep 2).

In a bourse filing, the group said it had received valid offer acceptances for over 23.5 million shares, representing around 9.3 per cent of the more than 252.6 million shares in the company.

This brought the shareholding of the offerors, who are executive chairman George Goh, non-executive director Goh Ching Lai and chief executive officer Goh Ching Huat, to around 84.7 per cent.

Along with the trio’s sister Goh Lee Choo, who is a concert party of the offer, the total number of shares owned, controlled, acquired or agreed to be acquired in the offer is 217.1 million. This amounts to 85.9 per cent of the total shares in Ossia International.

In June, the offerors proposed to privatise the company at S$0.145 per share.

Prior to the offer, the offerors held 75.3 per cent of the shares in Ossia International. Goh Lee Choo held under 1.3 per cent of the shares in the company.

The Goh family said it intended to privatise the company to allow shareholders to have the opportunity to realise their investment at a premium without incurring brokerage costs.

They also highlighted low trading liquidity of Ossia International’s shares and compliance costs incurred with maintaining its listed status.

The Goh family also believes that the company is unlikely to need access to equity capital markets in the near future, and delisting would provide greater management flexibility. 

Ossia International shares closed 0.7 per cent or S$0.001 higher at S$0.146 on Monday, before the announcement.