Ossia appoints Asian Corporate Advisors as independent financial adviser for privatisation offer

The controlling shareholders of Ossia have made an unconditional offer on May 15 to take the company private at S$0.16 a share

Mainboard-listed Ossia International has appointed Asian Corporate Advisors as the independent financial adviser (IFA) for the unconditional offer made by Ossia’s controlling shareholders to take the lifestyle products retailer and distributor private.

In a bourse filing on Monday (May 19), Ossia’s board said that the IFA will advise the independent directors of the company on its recommendation to the shareholders in connection with the offer. A circular containing advice of the IFA and the recommendation of the independent directors in respect of the offer will be issued by the company to the shareholders within 14 days of the joint offerors issuing a formal offer document setting out the terms and conditions of the offer.

The appointment of the IFA comes after the controlling shareholders of Ossia International – group executive chairman Goh Ching Wah, chief executive Goh Ching Huat, and non-executive director Goh Ching Lai – made an unconditional offer on May 15 to take the company private at S$0.16 a share.

The joint offerors are brothers; and collectively, they hold stakes totalling 84.79 per cent in Ossia International, which operates Harvey Norman.

Goh Lee Choo, their sister, who holds 1.27 per cent interest in the company, is a concert party in relation to this cash offer.

Shares of Ossia International closed S$0.001 or 0.6 per cent higher at S$0.161 on Monday before the announcement.

Copyright SPH Media. All rights reserved.