Privatisation offer for Penguin extended again to Aug 17

THE closing date for the offer to acquire and delist shipbuilder Penguin International has been extended for a fourth time to 5.30 pm on Aug 17, the company said on Wednesday (Aug 2).

The offer, priced at S$0.83 a share, was originally set to close on Jun 22. This was extended to Jul 6, and then to Jul 20, and then for a third time to Aug 3. 

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 Wednesday, the offeror and persons acting in concert had garnered 88.68 per cent of the total number of shares in the company. The offeror and persons acting with it need to be in control of more than 90 per cent to be entitled to exercise the right to compulsorily acquire all the shares from shareholders.

Penguin shares closed flat at S$0.83 on Wednesday.