Poh Tiong Choon Logistics now 97% owned by CEO

THE chairman and chief executive of Poh Tiong Choon Logistics Ltd (PTC Logistics) now holds 96.72 per cent of the group, after launching an offer for the firm in September.

In an exchange filing on Wednesday evening, PTC Logistics said that Poh Choon Ann has acquired 204.99 million shares in the company for S$266.5 million.

These were made through open market purchases and valid acceptances of the voluntary conditional cash offer by Respond Logistics Pte Ltd, a vehicle backed by Mr Poh and Tower Capital Logistics. As a result, Mr Poh's stake has been raised from 24.27 per cent to 96.72 per cent.

Respond Logistics had said that it intends to privatise PTC Logistics and does not intend to preserve the listing status of the group.