Yahoo Finance Sysma chairman offers to privatise company at 16.8 cents
On March 10, the company announced a loss of $2.7 million for six months ended Jan 31.
Sin Soon Teng (picture), executive chairman and CEO of construction firm Sysma Holdings 5UO 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.
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.
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