Tong Hsing Proposes S$76.71 Million Buyout of Taiwan-Based, Singapore-Listed GTC

Tong Hsing has proposed a cash buyout of Singapore-listed Global Testing Corporation Limited (GTC) for about S$76.71 million, combining its semiconductor packaging business with Taiwan-based testing operations.

The offer is S$2.30 a share. That represents a 129.31% premium to GTC’s volume-weighted average share price for the month before trading was suspended. Tong Hsing plans to fund the purchase with its own resources.

GTC’s core operations, including manufacturing, production and engineering, are based in Hsinchu, Taiwan. The company has traded on the Singapore Exchange’s main board since August 2005 through an offshore holding company. The listing was intended to help attract institutional investors in the United States, Europe and Asia and raise funds for advanced testing equipment and probe cards. GTC’s operating company was founded in 1998.

GTC specializes in integrated circuit and wafer testing. Tong Hsing’s packaging business includes thick- and thin-film substrates and micro modules. Joining the businesses would add testing to Tong Hsing’s service range and support integrated offerings for customers in optical communications, automotive image sensors and power semiconductors.

The proposed combination addresses demand from international semiconductor companies for more efficient supply chains and turnkey services. Applications including AI data centers and high-speed optical communications are growing more complex, alongside automotive imaging and power semiconductors. Bringing packaging and testing together would place both capabilities within the same corporate group.

The deal has related-party dimensions because Chen Taiming has significant roles and influence on both sides. Chen and other interested directors did not take part in board discussions or the vote. Independent accountants and financial advisers issued opinions on the fairness of the proposed price.

The transaction would add to the Yageo group’s acquisition history, which includes Pulse and KEMET. Tong Hsing also plans to pursue GTC’s delisting and privatization.