Tat Seng Packaging

[opmi]

Why he wanna give personal guarantee to hanny?

this hanny...whole day sell assets never pay out...use cash to buy other assets.
frankly dont know cash there or not...

Wont touch Allan Yap's companies...

[TerryT]

They are paid quite well considering the size of the company...

[pianist]

Why he wanna give personal guarantee to hanny?

this hanny...whole day sell assets never pay out...use cash to buy other assets.
frankly dont know cash there or not...

Wont touch Allan Yap's companies...

I see him botak chiak bui bui, dunno if he has high BP, high cholesterol & high sugar
Where to find further news on hanny?

[weii]

Why he wanna give personal guarantee to hanny?

this hanny...whole day sell assets never pay out...use cash to buy other assets.
frankly dont know cash there or not...

Wont touch Allan Yap's companies...

I see him botak chiak bui bui, dunno if he has high BP, high cholesterol & high sugar
Where to find further news on hanny?

This thread on valuebuddies provide some insights into Hanny: https://www.valuebuddies.com/thread-3276.html

From this website:
https://theasiancontrarian.com/hanwell-h...ng-growth/

[b]Remuneration[/b] –  it was reported in 2017, 2016 and 2015, the Executive Chairman, Dr Allan Tan and Executive Director, Dr Tang Cheuk Chee were richly remunerated despite the Group’s struggling performance.

Dr Allan Yap received:
2017: $1,639,000 (6.4% of operating income)
2016: $1,458,000 (5.7% of operating income)
2015: $1,342,000 (10% of operating income)
While Dr Tang received:
2017: $772,000 (3% of operating income)
2016: $711,000 (3.1% of operating income)
2015: $667,000 (5% of operating income)

Dr Tang Cheuk Chee, aged 47, is the spouse of Dr Allan Yap, aged 63, the former Executive Chairman of the Company. She holds the position of Marketing Director for Ette Bright International Pte Ltd. Dr. Tang is also on the board of Tat Seng Packaging Group Ltd., Hanwell Holdings Ltd., Richstream Pte Ltd. and SingExpress Travel Pte Ltd. Dr. Tang received an undergraduate degree from Sun Yat-Sen University.

[nitro]

Why he wanna give personal guarantee to hanny?

this hanny...whole day sell assets never pay out...use cash to buy other assets.
frankly dont know cash there or not...

Wont touch Allan Yap's companies...

I see him botak chiak bui bui, dunno if he has high BP, high cholesterol & high sugar
Where to find further news on hanny?

This thread on valuebuddies provide some insights into Hanny: https://www.valuebuddies.com/thread-3276.html

From this website:
https://theasiancontrarian.com/hanwell-h...ng-growth/

[b]Remuneration[/b] –  it was reported in 2017, 2016 and 2015, the Executive Chairman, Dr Allan Tan and Executive Director, Dr Tang Cheuk Chee were richly remunerated despite the Group’s struggling performance.

Dr Allan Yap received:
2017: $1,639,000 (6.4% of operating income)
2016: $1,458,000 (5.7% of operating income)
2015: $1,342,000 (10% of operating income)
While Dr Tang received:
2017: $772,000 (3% of operating income)
2016: $711,000 (3.1% of operating income)
2015: $667,000 (5% of operating income)

Dr Tang Cheuk Chee, aged 47, is the spouse of Dr Allan Yap, aged 63, the former Executive Chairman of the Company. She holds the position of Marketing Director for Ette Bright International Pte Ltd. Dr. Tang is also on the board of Tat Seng Packaging Group Ltd., Hanwell Holdings Ltd., Richstream Pte Ltd. and SingExpress Travel Pte Ltd. Dr. Tang received an undergraduate degree from Sun Yat-Sen University.

during one of the past years AGM, husband/wife's pay got grilled by one of the SH. However Board defended their pay.

[Dosser]

Offer closed:

THE TOTAL NUMBER OF SHARES THAT THE OFFEROR AND PARTIES ACTING IN CONCERT WITH HIM OWNED, CONTROLLED OR HAVE AGREED TO ACQUIRE (INCLUDING BY WAY OF VALID ACCEPTANCES OF THE CHAIN OFFER) AMOUNT TO AN AGGREGATE OF 139,688,501 SHARES, REPRESENTING APPROXIMATELY 88.86PCT OF THE TOTAL NUMBER OF SHARES.

[Big Toe]

Still trying to wrap my head around Sam Goi's maneuvers on Tat Seng after Allan Yap was ousted.
PSC performance did improve significantly after Sam Goi took over. Cash flow/ Dividends improved.
Tat Seng is run by steady hands LOH SEE MOON, so operationally, Sam's influence maybe limited.

Onto more recent times, offer of ard 90cts was triggered and I was completely pissed as it is quite a well-run biz with a huge/ growing cash pile and substantial land which its factories sits on. What is even more shocking is when CEO Loh sold his entire 15% stake at a bargain to Sam. And a few months after increasing his stake to 88.86%, out of the blue he announced a special dividend of 34cts on top of the 5cts final dividend for FY2025.

From Low Ball King to Mr Generous Dividend King in a few short months??? Granted there is still substantial cash even after this payout, but still this represented >50% of its cash.

This FY25 reporting season for me had mostly been a disappointment as a fair number of stocks I own lowered their dividends and Tat Seng really made all the difference. Thank you Sam.

[weijian]

Still trying to wrap my head around Sam Goi's maneuvers on Tat Seng after Allan Yap was ousted.
PSC performance did improve significantly after Sam Goi took over. Cash flow/ Dividends improved.
Tat Seng is run by steady hands LOH SEE MOON, so operationally, Sam's influence maybe limited.

Onto more recent times, offer of ard 90cts was triggered and I was completely pissed as it is quite a well-run biz with a huge/ growing cash pile and substantial land which its factories sits on. What is even more shocking is when CEO Loh sold his entire 15% stake at a bargain to Sam. And a few months after increasing his stake to 88.86%, out of the blue he announced a special dividend of 34cts on top of the 5cts final dividend for FY2025.

From Low Ball King to Mr Generous Dividend King in a few short months??? Granted there is still substantial cash even after this payout, but still this represented >50% of its cash.

This FY25 reporting season for me had mostly been a disappointment as a fair number of stocks I own lowered their dividends and Tat Seng really made all the difference. Thank you Sam.

Hi Big Toe,

From my understanding, 

(1) Whole chain of events started in July2025 when Popiah King increased his stake in PSC (Tat Seng Packaging's parent) through a married deal. This bought his then stake to between 30%-50%, and hence triggered a mandatory offer as per Spore Takeover Code.

(2) If Popiah King managed to secure control of PSC (ie. >50% of shares) through the separate mandatory offer, he was obliged to make another offer for Tat Seng Packaging (TSP) through the chain principle as per Spore Takeover Code. This condition was triggered some time in Aug2025.

(3) The offer document for TSP had mentioned that Popiah King (been the Offeror) intends to keep the TSP listed. In addition, the same doc also did not equivocally state the actions that Offeror will take in the event that free float is lost or whether Offeror will exercise its right to compulsory acquire the shares if available.

-----------------

Therefore, connecting the dots, it may have never been Popiah King's ultimate intention to buy TSP in the first place. And that may partially explain the "low-ballness" of the offer for TSP. As for why LOH SEE MOON sold out to this seemingly low offer, it is anyone's guess because there are a large variety of reasons/possibilities.

Now, has Mr Low Ball King transformed to Mr Generous Dividend King in just a few months? Probably not. But I suppose after spending ~35mil to acquire a 24.65% personal stake, he probably needs some generous dividend to help him to repay his bridging loan. In this case, the 34cents specials + increased 5cent final dividend (total 39cents) will help to pay for ~40% of this 35mil outlay. OPMIs just happen to be blessed with his generosity, due to been positioned together with him in this parent-child structure.

[Big Toe]

I have been following Hanwell/PSC and Tat Seng closely for a very long time. So how we came to this point, I am clear. What I am most interested is Sam's corporate actions on Tat Seng.

Your guess is to repay bridging loan. I have been thinking about it and figured that while it is possible, it is less likely since the resources he has is more than adequate to pay off. There has to be something else that prompted him to do that. The more probable reason is to get money out of china before even tighter capital controls take effect. Ala YZJ Finance.

As for LOH SEE MOON, he announced retirement soon after the results after selling his stake at a steep discount. He could have kept it and received a cool SGD 9.2M dividend payment AND kept his 15% share(then again maybe there wont be a big dividend if he didnt sell), no one deserves it more than him since he had been with the company since 1977. Sam offering giving him a low offer is just wrong on many levels. Maybe he had other priorities in life and wasnt as hard up for money as me. Sam Goi Got lucky.

[weijian]

Hi Big Toe,

While rich people have plenty of wealth but I am not sure if many of them have 35mil of liquidity. 35million of credit line, yes. 35million lying in their personal current account in DBS, probably no. Anyways, there are probably plenty of factors that eventually contributed to this big special dividend, but been GENEROUS is probably not one of them. The key point I want to bring out is that by being positioned correctly, OPMIs can get infected by Popiah King's luck and get lucky too.