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Business Times
27-05-2025
- Business
- Business Times
Independent financial adviser deems Amara's takeover offer at S$0.895 a share ‘fair and reasonable'
[SINGAPORE] The independent financial adviser (IFA) appointed for the takeover bid for hotel group Amara has deemed the offer at S$0.895 a share to be 'fair and reasonable'. It has therefore advised the company's directors considered to be independent to recommend shareholders to accept the offer, said the company on Tuesday (May 27) via a bourse filing. In Apr 28 this year, Amara received an offer of S$0.895 per share from a consortium led by property company Hwa Hong, which was formerly listed on the Singapore Exchange. This values the hotel group at about S$514.6 million and represents a premium of 27 per cent over Amara's closing price of S$0.705 on Apr 23 before the company called for a trading halt the following day. Other partners of the consortium include a fund sponsored by Hwa Hong and Malaysia-based Newfields, property company Wing Tai, as well as Albertsons Capital, whose shareholders are Albert Teo, Amara's chairman and chief executive, and his daughter Dawn Teo, Amara's chief operating officer. The consortium has set up a special-purpose vehicle called DRC Investments, with the intention to privatise Amara over low trading liquidity and challenging macroeconomic conditions. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up W Capital was appointed the IFA for the deal on May 7, and Amara lost its free float on May 15, which meant that the Singapore Exchange will be suspending the trading of its shares at the close of the offer on Jun 10, given that less than 10 per cent of the company's shares are now held by the public. The S$0.895 offer price also represents a 42.1 per cent, 44.8 per cent, 46.7 per cent and 48.9 per cent premium over Amara's volume-weighted average price for the one-month, three-month, six-month and 12-month periods up to and including the last traded day, respectively. In a circular issued by Amara on May 27, the company said that the IFA had looked at several factors when determining the offer to be fair and reasonable. The IFA noted that the offer price fell within its estimated range of values between S$0.888 and S$0.959 per share. Amara's share had also never closed above the offer price of S$0.895 before the deal was announced, and is at about a 27 per cent premium of its closing price of S$0.705 on Apr 23. Shares of Amara went up 1.1 per cent or S$0.01 to close at S$0.90 on Tuesday.
Straits Times
29-04-2025
- Business
- Straits Times
Amara shares surge 27% on privatisation offer
The S$0.895 offer represents a 33 per cent premium over Amara's net asset value per share as at end-December 2024. SINGAPORE - Shares of hotel group Amara soared shortly after the market opened on April 29, after news broke on Monday that it received a voluntary conditional general offer at S$0.895 apiece. The counter hit an intraday high of S$0.895 at 9.09 am on Tuesday as 172,400 shares changed hands – marking a rise of S$0.19 or 27 per cent from its latest closing price for Monday, when it finished unchanged at S$0.705 after news of the offer broke. This is the highest price it has reached in the year to date and marks a 57 per cent or S$0.325 increase from its closing price of S$0.57 for Dec 31, 2024, as shares of the group have been on a steady uptrend through the year. By 9.47 am, it eased down to S$0.885 – still up from Monday's close by S$0.18 or 25.5 per cent – with some 209,400 shares transacted. On Monday, Amara received a privatisation offer from a consortium led by property company Hwa Hong, which was formerly listed on the Singapore Exchange. The offeror, a special-purpose vehicle called DRC Investments, cited low trading liquidity and challenging macroeconomic conditions as the rationale behind its intent to privatise the company. DRC Investments is owned by three parties: Shorea HwaHong Newfields VCC, linked to Hwa Hong Corp and the Newfields Group, with 35 per cent; Winteam Investment, a wholly owned subsidiary of Wing Tai Holdings, with 35 per cent; and Albertsons Capital, controlled by Amara's chairman and chief executive Albert Teo and chief operating officer Dawn Teo, with 30 per cent. In a separate statement on Monday, Wing Tai, which is involved in property development, investment and retail, said the Amara Holdings investment will help it expand its core business, given the substantial overlap in both companies' operations. The S$0.895 offer represents a 33 per cent premium over Amara's net asset value per share as at end-December 2024. THE BUSINESS TIMES Additional information from The Straits Times Join ST's Telegram channel and get the latest breaking news delivered to you.
New Straits Times
28-04-2025
- Business
- New Straits Times
Consortium proposes RM2.29bil buyout of Singapore's Amara
KUALA LUMPUR: A consortium led by Singapore's Hwa Hong Corporation and Wing Tai Holdings Ltd, in partnership with Malaysia's Newfields, has proposed to acquire property and hospitality firm Amara Holdings Ltd for S$514.6 million (RM2.29 billion) The offer includes a cash payment of S$0.895 per share to Amara shareholders, representing a 27 per cent premium over the company's last traded price on April 23. The S$0.895 offer price also represents a 42.1 per cent, 44.8 per cent, 46.7 per cent and 48.9 per cent premium over Amara's volume-weighted average price for the one-month, three-month, six-month and 12-month periods, respectively. The special-purpose vehicle behind the offer, DRC Investments, has already secured approval from shareholders holding about 90.58 per cent of Amara's stake, according to Reuters. The shareholders of DRC Investments consist of Shorea HwaHong Newfields, a variable capital company (VCC) backed by Hwa Hong and the Newfields group of companies; Wing Tai's unit, Winteam Investment; and Albertsons Capital, whose shareholders are Albert Teo, Amara's chairman, executive director and chief executive officer (CEO), and Dawn Teo, Amara's chief operating officer. The three parties own 35 per cent, 30 per cent and 35 per cent, respectively, of DRC Investments. DRC Investments has stated that its offer price is final, with plans to take Amara private, citing low trading liquidity and challenging macroeconomic conditions. The offeror believes the offer provides an attractive cash exit opportunity for Amara's shareholders, offering a compelling premium and price certainty without the added costs of broking or trading fees. Hwa Hong and Newfields are both active investors in commercial real estate, while Wing Tai specialises in lifestyle retail and hospitality management. Amara operates a diverse portfolio of lifestyle properties, including hotels and speciality restaurants across Singapore, Thailand, and China.
