Big Names Snap Up Foodcourt Operator for a Sweet Cash Deal
So here’s the scoop: Koufu Group’s founding shareholders are rolling out a voluntary, conditional offer to take the company private, raking in 77 cents a share in cash. That totals up to a cool $425.8 million valuation for the food‑court operator.
Who’s Got the Power?
Dominus Capital – the investment arm set up on Oct 7 – is front‑and‑center. It’s run by Koufu’s top brass: chairman and CEO Pang Lim and executive director Ng Hoon Tien. The duo, as a husband‑wife team, sit on a giant slice of the pie: 77.41 % of Koufu’s shares through Jun Yuan Holdings. The company even nailed an irrevocable pledge to jump on the offer.
Why This Deal Rocks
After all, the 77 cents price isn’t just a number; it’s:
- a 15.8 % premium over Koufu’s last market price of 66.5 cents on Dec 28.
- an extra 14.4 % over the one‑month average.
- an extra 13.6 % over the three‑month average.
- an extra 15.1 % over the six‑month average.
- an extra 15.3 % over the twelve‑month average.
Re‑listing Koufu on the SGX mainboard would keep the company and its new owners tangled in the exchange’s red tape. By pulling the plug, the move lets everyone tug the strings freely, pushing new strategies and tweaks without regulatory hitches.
For shareholders, it’s a clean exit: cash in hand, especially since Koufu’s trading volume has been “generally low.” That’s a win‑win.
Trading Hush‑Hush
The company called for a trading halt in the morning, after announcing the offer. Remember, the shares dipped 1 cent (1.5 %) to 66.5 cents prior to the move.
SGX’s Big Spin Cycle
Less than a year, the Singapore exchange has been grumbling with more than one privacy offer a month. Why? Global trends plus a pandemic‑driven price slump have nudged firms toward going private.
Notables:
- Gordon Tang and wife Celine pull SingHaiyi Group private ($492.8 million).
- Roxy‑Pacific goes under a consortium headed by its own CEO ($630.5 million).
- CapitaLand splits its development arm from its property‑investment business.
- Singapore Press Holdings remains contested, with Cuscaden Peak (Ong Beng Seng) eyeing Keppel for a $3.9 billion bid.
So if you’re watching the SGX, the next headline might just be another chef‑in‑chief buying a foodcourt chain.
