Sin Soon Teng (picture), executive chairman and CEO of construction firm Sysma Holdings is offering to privatise the company at 16.8 cents.
The offer price is a 34.4% premium over the last traded price of 12.5 cents.
Sin is doing so via a vehicle called GTV Capital, which he solely owns. Sin holds 66.02% of the company, which was listed in August 2012.
RHT, which is advising Sin, says in the announcement that Sysma is facing a "challenging environment", no thanks to manpower shortages, rising accommodation and material costs.
The privatisation offer will give Sysma the "necessary flexibility to optimise its resources to protect the long-term competitiveness of the business."
On March 10, the company announced a loss of $2.7 million for six months ended Jan 31, reversing from the year earlier earnings of $3.1 million.
See also: Boustead Singapore closes exit offer for Boustead Projects shares
Revenue in the same period was $29.6 million, up 16.4% y-o-y.
As at Jan 31, the company's net asset value was 23.19 cents per share, versus 24.26 cents as at July 31 2022.
