THE closing date for the offer to take Penguin International private has been extended for the fifth time to 5.30 pm on Aug 31, the shipbuilder announced in a bourse filing on Wednesday (Aug 16).

The offer, priced at S$0.83 a share, was set to close on Thursday. The offeror is 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.

As at 6 pm on Wednesday, Aleph Tav had a resultant shareholding of 88.81 per cent of Penguin International, comprising valid acceptances of the offer, as well as shares owned, controlled or agreed to be acquired by the offeror and concert persons.

This is below the 90 per cent shareholding threshold required for it to compulsorily acquire all shares.

The latest deadline extension follows four previous ones – from the original closing date of Jun 22 to Jul 6, then to Jul 20 and subsequently Aug 3, followed by Aug 17.

Aleph Tav’s offer was originally priced at S$0.82 per share when it was launched in early May, and later raised by S$0.01 per share about 10 days later. This is its second attempt to take the company private, after a failed bid in 2021.

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Shares of Penguin International closed flat at S$0.83 on Wednesday.