Ong family offers $0.17 per share to privatise OTS Holdings

The offer price is 27.8% above the one-month VWAP as of 7 September.

The Ong family, which controls OTS Holdings, has made an offer of $0.17 per share to buy out other shareholders and privatise the company.

OTS Holdings is an investment holding company incorporated in Singapore on 3 March 2015.

It was listed on the Catalist Board of the Singapore Exchange Securities Trading Limited on 17 June 2021.

Through its subsidiaries, the company primarily manufactures and trades halal and non-halal ready-to-eat and ready-to-cook meat products, with Singapore and Malaysia as its key markets.

The offer price’s volume-weighted average price of the shares for the one-month period up to and including the last trading day on 7 September is 27.8%.

The offeror and its concert parties collectively hold direct and deemed interests in 174.13 million shares, representing 81.37% of the company’s total issued share capital.

The company said that trading volume in the shares has been “relatively low."

Average daily trading volume stood at approximately 48,985 shares over the one month, 26,986 shares over three months, 32,468 shares over six months, and 37,720 shares over 12 months, up to and including the last trading day.

Each figure represents less than approximately 0.03% of the total number of issued shares for the respective periods.

“The Group is not likely to require access to the equity capital markets to fund its growth plans, and as such, the costs and administrative burden associated with maintaining a public listing do not commensurate with the benefits to the Group,” the group said in an SGX filing.

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