Consortium of buyer agreed to acquire remaining 96.29% of stake in GYP Properties Limited (SGX:AWS) from a group of sellers for SGD 49.8 million on July 8, 2022. The offer price for each Offer Share is SGD 0.168 per share in cash. As on August 31, 2022, Offer price has been changed to SGD 0.188 per share.

As of September 21, 2022, the offer price has been increased to SGD 0.2 per share.The group of sellers include Tan Poh Leng Stanley, Kathlyn Tan, Rumah Group Pte. Ltd., Oregold Pte. Ltd., Asia Food Retail Group Pte.

Ltd., Goi Seng Hui, Yong Yin Min, Pang Yoke Min, Mah Bow Tan, Sheryn Mah, Thomas Riber Knudsen, Lydia Law Xiaowan and Chua Joan Keat. The offer price for each Offer Share is SGD 0.168 per share in cash. Pursuant to Section 215(3) of the Companies Act, if Rumah Property acquires such number of Shares which, together with the Shares held by it, its related corporations and their respective nominees, comprise 90% or more of total Shares, the Dissenting Shareholders will have a right to require Rumah Property to acquire their Shares at the Offer Price as part of compulsory acquisition.

Rumah Property does not intend to maintain the listing status of GYP Properties. The Offer will close on August 26, 2022. As of August 25, 2022 the closing date of the Offer will be extended from on August 26, 2022 to September 23, 2022.

As of September 21, 2022, the the offer has been extended till October 7, 2022. Asian Corporate Advisors Pte. Ltd. has appointed as independent financial adviser to advise the Directors of and acted as fairness opinion provider to GYP Properties.

Boardroom Corporate & Advisory Services Pte. Ltd. acted as transfer agent/registrar and CNPLaw LLP acted as legal advisor to GYP Properties Limited.