Penguin privatisation offer extended for the third time, to Aug 3

THE closing date for the offer to acquire and delist shipbuilder Penguin International has been extended for a third time to 5.30 pm on Aug 3, the company said on Monday (Jul 17).

The offer, priced at S$0.83 a share, was originally set to close on Jun 22. This was extended to Jul 6, before being extended again to Jul 20.

The offeror is a consortium comprising Penguin’s executive chairman Jeffrey Hing, managing director James Tham, and a special purpose vehicle under private equity firm Dymon Asia. This is its second attempt to take the company private, following an unsuccessful bid in 2021.

As at 6 pm on Monday, the offeror and persons acting in concert have garnered 88.57 per cent of the total number of shares in the company.

Penguin shares closed flat at S$0.84 on Monday, up S$0.01 or 1.2 per cent, before the announcement.