Teo Choon Hock, Executive Chairman and Kwek Keng Seng, Managing Director, of PS Group Holdings completed the acquisition of an additional 29.9% stake in PS Group Holdings Ltd..

Teo Choon Hock, Executive Chairman and Kwek Keng Seng, Managing Director of PS Group Holdings made an offer to acquire an additional 29.9% stake in PS Group Holdings Ltd. (Catalist:5WD) for SGD 2.4 million on August 20, 2019. Under the terms of the offer, offer price shall be SGD 0.118 per share in cash. In the event of any distribution declared, paid or made by PS Group Holdings after the announcement of the offer, the offer price shall be reduced by the amount of such distribution in case the settlement date for the tendered shares falls after the books closure date for the determination of entitlements to the distribution. Presently, Teo Choon Hock holds 38.5% stake and Kwek Keng Seng holds 31.5% stake in PS Group Holdings, respectively. Teo Choon Hock and Kwek Keng Seng have sufficient financial resources to satisfy in full all acceptances of the offer. Teo Choon Hock and Kwek Keng Seng have no intention to discontinue the employment of any of the existing employees of PS Group Holdings and its subsidiaries. Teo Choon Hock and Kwek Keng Seng are making the offer with a view to delisting PS Group Holdings from the SGX-ST and exercising any rights of compulsory acquisition that may arise through valid acceptances of the offer in respect of not less than 90% of the shares. The offer will be conditional on valid acceptances of the offer, in respect of not less than 90% of the total shares in PS Group Holdings. The offer will not be capable of being declared unconditional until the minimum acceptance condition is satisfied. Save for the minimum acceptance condition, the offer is unconditional in all other respects. As of September 17, 2019, shares owned, controlled or agreed to be acquired by Teo Choon Hock and Kwek Keng Seng and concert partiers and valid acceptances amount to an aggregate of 61.6 million shares representing approximately 90.59%. Teo Choon Hock and Kwek Keng Seng are entitled, and intend, to exercise their right of compulsory acquisition to compulsorily acquire all the shares of shareholders who have not accepted the offer and will then proceed to delist PS Group from the SGX-ST. The offer will remain open for 14 days after being declared unconditional as to acceptances. The offer will close on October 8, 2019. As of September 17, 2019, the offer will remain open for acceptance until October 22, 2019. SooChow CSSD Capital Markets (Asia) Pte. Ltd. acted as financial advisor and Tricor Barbinder Share Registration Services acted as the registrar to Teo Choon Hock and Kwek Keng Seng. Hong Leong Finance Limited is appointed as the independent financial advisor to advise the directors of PS Group Holdings. Teo Choon Hock, Executive Chairman and Kwek Keng Seng, Managing Director of PS Group Holdings completed the acquisition of an additional 29.9% stake in PS Group Holdings Ltd. (Catalist:5WD) on October 22, 2019. Teo Choon Hock and Kwek Keng Seng received valid acceptances in respect of 17.6 million shares amounting to 25.82% stake in PS Group Holdings Ltd. As of October 22, 2019, Teo Choon Hock and Kwek Keng Seng together with party acting in concert hold 65.25 million shares amounting to 95.95% stake in PS Group Holdings Ltd. Teo Choon Hock and Kwek Keng Seng will now be proceeding with the compulsory acquisition. As Teo Choon Hock and Kwek Keng Seng will be proceeding to compulsorily acquire the shares of the dissenting shareholders, the dissenting shareholders need not take any action in relation to their right under Section 215(3) of the Companies Act. PS Group Holdings Ltd. will be delisted from SGX-ST upon completion of the exercise of compulsory acquisition right.