Sin Soon Teng (picture), who offering 16.8 cents to privatise Sysma Holdings , will not be revising the offer, says RHT Capital, which is helping to arrange the deal.
The announcement came after the market closed on July 10. Earlier in the day, Sysma shares closed at 18 cents, up 4.14% for the day.
Sin, executive chairman and CEO of the construction firm, first launched the offer on June 1.
He is doing so via a vehicle called GTV Capital, which he solely owns. Sin holds 66.02% of the company, which was listed in August 2012.
RHT reiterates that the closing date for the offer is July 20.
According to RHT then, Sysma is facing a "challenging environment", no thanks to manpower shortages, rising accommodation and material costs.
The privatisation offer will give Sysma the "necessary flexibility to optimise its resources to protect the long-term competitiveness of the business."
On March 10, the company announced a loss of $2.7 million for six months ended Jan 31, reversing from the year-earlier earnings of $3.1 million.
Revenue in the same period was $29.6 million, up 16.4% y-o-y.
As at Jan 31, the company's net asset value was 23.19 cents per share, versus 24.26 cents as at July 31 2022.
