Ossia International’s Goh brothers have appointed a different independent financial advisor (IFA) to advise the privatisation of the company via a voluntary unconditional cash offer of 16 cents per share.

The IFA, which was previously Asian Corporate Advisors, is now W Capital Markets.

The brothers, Goh Ching Wah, Goh Ching Huat and Goh Ching Lai, first announced they would take Ossia private on May 15. As at May 15, the siblings hold a total stake of about 86.06%. The offerors will need to get acceptances exceeding 90% of Ossia’s shares.

In June 2024, the Goh family made a voluntary unconditional general offer of 14.5 cents per share. At the time, the family cited the “generally low” trading volume as the reason behind the offer. The family eventually received 85.92% in valid acceptances at the close of the offer.

According to the family, the latest offer comes amid a “challenging business environment” in Singapore and its other key markets due to tariff uncertainties, geopolitical tensions among other reasons.

The offer price represents a premium of around 41.59% over Ossia’s last traded price of 11.3 cents on May 9.

W Capital Markets is also the IFA advising the privatization of two other companies, Amara Holdingsand Sinarmas Land.