The offer price is a 34.4% premium over the last traded price of 12.5 cents.

Sin 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, which is advising Sin, says in the announcement that 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.

<span class='see_also_inread'><b>See also: <a class='gtm_see_also_1_inread' style='text-decoration: underline;' href='/news/offer/healthway-medical-shareholders-vote-delist-9947-approval?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>Healthway Medical shareholders vote to delist with 99.47% approval</a></b></span>

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.

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