The offer is a 12.7% premium over the company’s last traded price of S$0.275 on Mar 24
[SINGAPORE] Shares of Sinarmas Land surged on Friday (Mar 28) morning after it announced on Thursday that it received a S$0.31 per share privatisation offer from an entity controlled by Indonesia’s billionaire Widjaja family.
As at 9.15 am on Friday, the counter climbed 23.6 per cent or S$0.065 to S$0.34 after 3.8 million shares changed hands. The last time the counter traded at such levels was in October 2024.
On Thursday, Lyon Investments made a voluntary unconditional cash offer for all the shares in Sinarmas Land that it does not already own. The deal values the Singapore-listed property developer at S$1.32 billion.
The offeror – which counts executive chairman Franky Oesman Widjaja, chief executive officer Muktar Widjaja and Margaretha Natalia Widjaja among its directors – currently holds about 70.3 per cent of the total number of issued shares in Sinarmas Land.
The offer price represents a 12.7 per cent premium over Sinarmas Land’s last traded price of S$0.275 on Mar 24.
It also represents a premium of about 17.1, 5.6 and 14.6 per cent over the volume-weighted average price of the shares over the last one, three and 12-month periods, respectively.
However, the offer price is at a 73.9 per cent discount to Sinarmas Land’s net asset value of S$1.19 per share as at Jun 30, 2024.
Sinarmas Land called for a trading halt on Mar 25 before the market opened. After the privatisation announcement, it requested to lift its trading halt on Thursday night.
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