Following the lifting of its trading halt on July 12, shares in GYP Properties surged 1.9 cents or 12.75% higher to reach 16.8 cents as at 1.02pm.
The share price is the same as the offer price made by Rumah & Co.
On July 9, Rumah & Co, a consortium made up of Rumah Property, Oregold, Globalcities Consult and Silverstone Ventures, made a voluntary unconditional cash offer of 16.8 cents per share for all the shares it does not own in GYP Properties.
As at July 9, Rumah & Co has an issued and paid-up share capital of $500,000 comprising 500,000 shares. Within the consortium, Rumah Property, which is owned by Tan Poh Leng Stanley (Stanley Tan) and Kathlyn Tan, owns a 43.75% stake in the consortium. Oregold, which owns a 25% stake in the consortium, is owned by Goi Seng Hui.
Former cabinet minister Mah Bow Tan is the sole shareholder of Globalcities, which has an 11% stake in Rumah & Co, while Pang Yoke Min and Yong Yin Min are equal shareholders of Silverstone Ventures, which has a 20.25% stake in Rumah & Co.
Stanley Tan, Mah and Pang are directors of GYP Properties.
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Offer an ‘opportunity’ for shareholders to exit investment
The offer represents a 12.8% premium over the benchmark price of 14.9 cents, which is the last traded price per share on July 8, being the last full trading date.
It also represents a premium of 15.9% for the volume-weighted average price (VWAP) for the shares for the one-month period.
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Should the offer go through, Rumah & Co intends to delist GYP Properties from the SGX-ST.
According to GYP Properties, the offer represents an opportunity for its shareholders to exit their investment as the trading volume of the shareholders have generally been low.
To be sure, shares in GYP Properties have an average daily trading volume of approximately 30,373, 40,952, 61,637 and 55,427 shares during the one-, three-, six- and 12-month periods respectively up to and including July 8, says the company in a bourse filing.
The offer will also allow the consortium to have greater flexibility in managing the business of the company.
Under the listing rules, Rumah & Co has to own above 90% of the total shares in GYP Properties for SGX-ST to suspend the trading of the shares in the ready and unit share markets at the close of the offer.
So far, Rumah & Co has received irrevocable undertakings from shareholders, including GYP Properties’ chief financial officer Chua Joan Keat, who hold a total of 183.63 million shares in GYP Properties, representing 66.79% of the total number of shares in the company.
