Penguin International privatisation bid falls short with 88.92% shareholding

THE privatisation offer for Penguin International closed on Monday (Sept 25) with shares owned, controlled or agreed to be acquired by the offeror and its concert parties, and valid acceptances amounting to 88.92 per cent of the company.

This falls below the 90 per cent threshold that would allow the offeror to exercise its rights of compulsory acquisition to privatise the marine and offshore services provider. It is the consortium’s second unsuccessful attempt, following a previous bid in 2021.

The privatisation offer was launched in May this year by Aleph Tav – a consortium comprising Penguin’s executive chairman Jeffrey Hing, managing director James Tham, and a special-purpose vehicle under private equity firm Dymon Asia.

The offer was made with a view to delist the company as it believed that privatisation would give “more flexibility to manage the business of the company, optimise the use of its management and capital resources and facilitate the implementation of any operational change”.

The offer, priced at S$0.83 per share, was extended six times to Sep 25.

Shares of Penguin International rose 0.6 per cent or S$0.005 on Monday to S$0.835, before the announcement.