GYP Properties raises voluntary cash offer up to S$0.188 per share

THE voluntary cash offer made by Rumah & Co to take real estate developer GYP Properties private was on Thursday (Sept 1) raised to S$0.188 per share, from the earlier S$0.168 per share as announced on Jul 8.

As per the announcement on Aug 24, the closing date for the offer had also been extended to Sept 23, at 5.30 pm.

The offerer, Rumah & Co is a a special purpose vehicle incorporated in Singapore for the purpose of the offer. The consortium is made up of Rumah Property, Oregold, Global Cities Consult as well as Silverstone Ventures.

As at the date of offer on Jul 8, Rumah & Co has an issued and paid-up share capital of S$500,000.00 divided into 500,000 ordinary shares. This represents less than 0.2 per cent of the total number of shares held by the company, which has approximately 274.9 million common shares.

With the unconditional cash offer, Rumah & Co has plans to delist the mainboard-listed company — a move it believes will allow both parties more flexibility to manage the company’s business, optimise the use of its management and capital resources and facilitate the implementation of any operational change.

Further, this presents an opportunity for shareholders to exit their investment, which may otherwise be difficult due to the counter’s low trading liquidity, said GYP Properties in the announcement on the Singapore Exchange.

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At the revised offer price of S$0.188, this puts GYP Properties at a value of about S$51.7 million. Against the volume weighted average price of S$0.145, S$0.15, S$0.156, S$0.153 on a 1-month, 3-month, 6-month and 12-month basis, the offer price represents a premium of 15.9 per cent, 12 per cent, 7.7 per cent, 9.8 per cent respectively against the counter’s trading price on Jul 8.

GYP Properties has on Thursday requested for a trading halt, ahead of the offer price revision. Shares of the company last traded up 3.3 per cent or S$0.006 to S$0.188 before the halt on Thursday.