Goi Seng Hui entered into a sale and purchase agreement with Sin Huat Co. to acquire 63,000,000 shares, representing 11.55% stake, in PSC Corp., the controlling shareholder of Tat Seng Packaging Group (SGX:T12), according to a late Thursday filing with the Singapore Exchange.

Shares of the company were down nearly 1% in recent trading.

PSC holds 100,529,000 shares in the company, representing around 63.95% of the total number of shares. Meanwhile, the offeror has a 0.26% stake.

Under the application made by Goi to the Securities Industry Council of Singapore, the offeror is also obliged to make an offer for the shares if the offeror and persons acting in concert with him acquire statutory control of PSC.

If the offer becomes unconditional, the offeror will be required to make a mandatory unconditional offer for Tat Seng Packaging, provided chain offer conditions are satisfied.

The chain offer price will be SG$0.899 per share, the filing said.