Latest news with #LyonInvestments
Business Times
27-05-2025
- Business
- Business Times
Indonesia's Widjaja family's Sinarmas Land offer wins 90% acceptance, triggering compulsory acquisition
[SINGAPORE] Lyon Investments – controlled by the Widjaja family, one of Indonesia's wealthiest clans – has crossed the 90 per cent acceptance threshold in its offer for Singapore-listed Sinarmas Land. This triggers the right of compulsory acquisition of all the shares of shareholders who have not accepted the offer, paving the way for the delisting of the mainboard-listed property developer from the Singapore Exchange. In a regulatory filing on Monday (May 26), Lyon Investments announced it had secured valid acceptances for 1.14 billion shares, or 26.85 per cent, of Sinarmas Land's total share base. The offeror and its concert parties owned about 2.99 billion shares, or 70.3 per cent of the company, before the launch of the offer. This means that Lyon Investments has now secured over 90 per cent of the shares it did not already own before the offer – triggering the right of compulsory acquisition under the Companies Act. Lyon Investments now controls 97.14 per cent of Sinarmas Land. 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 The offeror said it intends to exercise its right of compulsory acquisition at the revised offer price, and delist the company thereafter. The announcement comes after the investment entity declared on May 18 that its offer price of S$0.375 a share was final, following a 21 per cent increase of S$0.065 over the initial bid. On May 5, the Securities Investors Association (Singapore), also known as Sias, criticised the initial offer of S$0.31 a share as 'exploitative' . Sias said it had concerns about the manner in which the company's unlisted assets were valued. On May 16, Sinarmas released a letter which contained, among other things, the independent financial adviser W Capital Markets' opinion that on balance, the financial terms of the revised offer price are 'fair and reasonable'. As at 4 pm on Tuesday, shares of Sinarmas Land were trading 1.3 per cent or S$0.005 lower at S$0.37.
Business Times
18-05-2025
- Business
- Business Times
Offeror says Sinarmas Land offer price is final, extends offer period to Jun 2
[SINGAPORE] Lyon Investments said on Sunday (May 18) that its offer price of S$0.375 per share of Singapore-listed property developer Sinarmas Land is final, and that it does not intend to revise the current offer price. It will also extend the closing date of the offer from May 29 to Jun 2, 5.30pm. The announcement comes after it raised the offer price on May 10. The revised offer price represents an increase of 21 per cent or S$0.065 over the initial offer price, and is higher than the highest closing price of the company's shares for more than six years. Lyon Investments held about 70.3 per cent of the total number of issued shares in Sinarmas Land at the launch of the initial offer. As at May 16, it received valid acceptances of about 23.1 per cent of the total shares. This brings the offeror's total number of shares held to about 81.2 per cent. On May 5, the Securities Investors Association (Singapore), also known as Sias, criticised the initial offer as 'exploitative'. It had concerns about the manner in which the company's unlisted assets were valued. On May 16, mainboard-listed Sinarmas Land released a letter which contained, among other things, the independent financial adviser's (IFA), W Capital Markets, opinion that on balance, the financial terms of the revised offer price are 'fair and reasonable'. The offeror added on Sunday that it will apply to the Singapore Exchange (SGX) to obtain a waiver to comply with the voluntary delisting requirements in view of the revised opinion from the IFA and the valid acceptances of the offer it had received from shareholders. The offeror noted that SGX Regulation had clarified that it will consider waiving compliance from the voluntary delisting of an issuer if the offer is fair and reasonable, and the offerer has received acceptance from independent shareholders at least 75 per cent of the total number of issued shares held by independent shareholders. Shares of Sinarmas Land closed 1.3 per cent or S$0.005 lower at S$0.375 on Friday.
Straits Times
13-05-2025
- Business
- Straits Times
Indonesia's Widjaja family raises offer for SGX-listed Sinarmas Land by 21%
The closing date of the revised offer has also been extended from May 14 to May 29. ST PHOTO: LIM YAOHUI SINGAPORE - Shares of Sinarmas Land jumped by around 19 per cent to 38 cents when the market opened on May 13, after the Widjaja family upped its offer to take the company private on May 10. Lyon Investments, which is controlled by the Widjajas, one of Indonesia's richest families, raised the price it is willing to pay for the remaining shares of Sinarmas Land by 21 per cent to 37.5 cents per share, or $1.6 billion in total, following criticism from minority shareholders that its original offer was too low. The closing date of the revised offer has also been extended from May 14 to May 29. Sinarmas Land is one of Indonesia's largest property developers and part of the Widjaja-owned Sinarmas conglomerate, which also controls Singapore-listed Golden Agri-Resources. As at May 9, Lyon Investments had already received acceptances from shareholders collectively holding 23.85 per cent of the shares in Sinarmas Land, giving it control over 94.15 per cent of the company. At those levels, Sinarmas Land's free float is now below 10 per cent, implying that trading of its shares may soon be suspended on the Singapore Exchange (SGX) to comply with listing rules. Lyon Investments first offered to take Sinarmas Land private on March 27 at 31 cents per share, or $1.32 billion in total, citing the low trading liquidity of the company's shares, among other things. No action is required from shareholders who accepted the original offer at 31 cents, as they will automatically receive the higher price. The revised deal follows an assessment by independent financial adviser (IFA) W Capital Markets, which deemed the offer 'not fair but reasonable' and valued each Sinarmas Land share between 35 and 36.1 cents. Current listing rules require any delisting offer to be both 'fair and reasonable' for it to go through, and be approved by 75 per cent of independent shareholders present at an extraordinary general meeting. According to the exchange regulator, an offer is 'fair' if the value of the offer price is greater than or equal to the value of the shares subject to the offer. Additionally, when considering whether an offer is 'reasonable', an IFA should give regard to matters including the concentration of pre-existing voting power in the shares of the issuer, the market liquidity of the shares, and the likelihood of an alternative offer being made. In a May 5 statement, the Securities Investors Association (Singapore), or Sias, noted that many minority shareholders had expressed unhappiness over the 31 cents per share offer for Sinarmas Land, which it said was widely seen as 'lowball'' and therefore 'exploitative'. Among other things, Sias noted that Sinarmas Land's net asset value per share as at Dec 31, 2024, was about 85 cents, implying the offer was pitched at a 63.6 per cent discount. It also questioned the methods used by the IFA to value the company's assets. In response, W Capital Markets said in a May 6 statement that its valuation methods were 'appropriate' and 'consistent with widely accepted industry practice'. The offer for Sinarmas Land also comes amid a spate of privatisation offers in 2025. So far, at least nine other companies have announced potential delistings this year . They are: SLB Development, PEC, Sin Heng Heavy Machinery , Econ Healthcare, Murata Manufacturing, ICP, Amara Holdings, Procurri Corp, and Ban Leong Technologies . The shareholders of two other companies, Japfa and Paragon Real Estate Investment Trust, have already accepted offers for the companies to be taken private and will be delisted. Join ST's Telegram channel and get the latest breaking news delivered to you.
Forbes
12-05-2025
- Business
- Forbes
Indonesian Billionaire Widjaja Family Raises Sinarmas Land Bid Amid Criticism From Minority Shareholders
Sinarmas Land is one of the biggest developers of prime office buildings in Jakarta. Lyon Investments—controlled by the Widjaja family, among the wealthiest clans in Indonesia—raised its offer price for Sinarmas Land by 21% amid criticism from minority shareholders that the original bid to take the company private was too low. The latest offer announced on Saturday values Sinarmas Land—which owns some of the prime office buildings in Jakarta including the 48-story Sinarmas MSIG Tower—at about S$1.6 billion ($1.2 billion). As Lyon Investments increased the offer price to S$0.375 each from the original offer price of S$0.31 each that was made in late March, the closing date for the offer has also been extended to May 29, Sinarmas Land said in a regulatory filing. Even before the improved offer price, Lyon Investments has received valid acceptances equivalent to almost 24% of Sinarmas Land's outstanding shares, bringing its total holdings to about 94%. Lyon Investments is raising the offer price following criticism from the Securities Investors Association (Singapore), which represents minority shareholders. 'Many shareholders have expressed unhappiness on the recent voluntary unconditional cash offer made for Sinarmas Land which is widely seen to be 'lowball' and therefore exploitative,' David Gerald, president of the SIAS, said in a statement on May 5. Gerald said Sinarmas Land had a net asset value of S$0.85 apiece as of December 2024, which means that Lyon Investments' original offer was at a 64% discount. Upon completion of the transaction, the Widjaja family's Lyon Investments plans to delist Sinarmas Land from the Singapore Exchange. One of Indonesia's biggest real estate companies, Sinarmas Land developed the Plaza Thamrin, comprising 95,648 square meters of premium office space across three buildings in Jakarta. Outside Indonesia, it also has properties in Australia, China, Malaysia, Singapore and the U.K. With a net worth of $18.9 billion, the Widjaja family ranked No. 4 on Forbes' list of Indonesia's 50 Richest that was published in December 2024. Besides real estate, the family's Sinar Mas group has interests in mining, paper mills, financial services, telecommunications, and agribusiness.
Business Times
11-05-2025
- Business
- Business Times
Lyon Investments ups offer price for Sinarmas Land and extends closing date
[SINGAPORE] Lyon Investments has raised the offer price for Sinarmas Land shares to S$0.375 a share from S$0.31 a share, in an announcement on Saturday (May 10). The closing date has been extended to 5.30 pm on May 29. The revised offer price represents an increase of 21 per cent or S$0.065 over the initial offer price, and is higher than the highest closing price of Sinarmas Land shares for more than six years. The offeror, Lyon Investments, held about 70.3 per cent of the total number of issued shares in Sinarmas Land at the launch of the initial offer. As at May 9, the offeror received valid acceptances of about 23.9 per cent of the total shares. This brings Lyon Investments' total number of shares to about 94.2 per cent. The revised offer comes as the independent financial adviser (IFA) for the transaction, W Capital Markets, said that the offer was 'not fair but reasonable'. Sinarmas Land's share price closed above the initial offer price on every trading day since the offer was announced on Mar 27 – save for Apr 24, when it closed at S$0.31. On May 5, the Securities Investors Association (Singapore), also known as Sias, criticised the offer as 'exploitative'. It then urged the offeror to revise its bid to more fairly reflect the company's net asset value per share, which stood at S$0.851 as at end-2024. The IFA hit back at the concerns raised by Sias and The Business Times columnist Ben Paul in his Mark to Market column, insisting that its valuations of Sinarmas Land's assets are 'appropriate' and 'consistent with widely accepted industry practice'. Shares of Sinarmas Land closed unchanged at S$0.32 on May 9.
