Wealthy Popiah magnate Sam Goi plans to acquire the remaining shares of Singapore's People's Security Services (PSC) for an approximate sum of SGD 96.5 million.
In a significant move, billionaire Sam Goi, the self-made tycoon behind Tee Yih Jia Food Manufacturing and one of the world's largest producers of popiah skins, has made a mandatory offer to buy the remaining shares of Singapore-listed consumer goods company PSC Corp that he does not already own. The offer, valued at approximately S$123.5 million ($96.5 million), was made at S$0.40 per share and follows his acquisition of 63 million shares at the same price, raising his stake in PSC Corp to 43.38 percent.
The acquisition, which is currently underway as of July 11, 2025, represents a 7.8 percent premium over the one-month volume weighted average price of S$0.371 per share. The transaction, formalized around July 10-11, 2025, will see the purchase of shares completed by July 11 through a married deal.
Goi, who has been the chairman of PSC Corp since 2021, has stated that he does not currently intend to actively pursue delisting PSC Corp from the mainboard, indicating a strategy to maintain the company’s public listing at this time.
The acquisition aligns with Goi’s broader business interests of expanding in the food and beverage sector, including his recent strategic expansion into coffee manufacturing and retailing through Kim Guan Guan Coffee (KGG). PSC Corp is a fast-moving consumer goods (FMCG) manufacturer and distributor, and expanding his ownership gives him greater control over the company’s operations and growth. This acquisition is likely to strengthen his position and resources to support synergies and growth in coffee manufacturing and related retail channels under KGG, fueling his expansion in this market segment.
KGG, with a legacy of almost 40 years, is a renowned brand in Singapore's coffee industry and has become a household name. Goi considers KGG's strong reputation for quality and consistency as making it an ideal addition to PSC's portfolio.
As of now, the acquisition is well underway, with the offer being made and shares being acquired. However, there is no indication yet that the acquisition has been fully completed.
[1] Channel NewsAsia. (2025, July 11). Billionaire Sam Goi makes mandatory offer to buy remaining shares of PSC Corp. Retrieved from https://www.channelnewsasia.com/business/sam-goi-makes-mandatory-offer-to-buy-remaining-shares-of-psc-corp-3370284 [2] The Straits Times. (2025, July 11). Sam Goi buys 63 million shares in PSC Corp, raising stake to 43.38 percent. Retrieved from https://www.straitstimes.com/business/companies-markets/sam-goi-buys-63-million-shares-in-psc-corp-raising-stake-to-4338-percent [5] Business Times. (2025, July 11). Sam Goi makes mandatory offer to buy remaining PSC shares. Retrieved from https://www.businesstimes.com.sg/companies-markets/sam-goi-makes-mandatory-offer-to-buy-remaining-psc-shares
- With the acquisition of additional shares in PSC Corp, billionaire Sam Goi is not only strengthening his control over the Singapore-listed FMCG manufacturer but also investing in synergies and growth for his coffee manufacturing and retailing business under KGG.
- In his strategy to expand his business interests, Sam Goi is not only engaging in finance-related activities such as buying shares of PSC Corp but also focusing on long-term investing opportunities in the food and beverage sector, including coffee manufacturing and retailing through KGG.
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