SGX-listed Sinarmas Land gets $1.32b takeover offer

Lyon Investments was offering to delist the company from SGX’s mainboard.

Singapore Exchange-listed Sinarmas Land received a $1.32b takeover offer from Lyon Investments—an entity controlled by Indonesia’s billionaire Widjaja family.

Lyon Investments made a voluntary unconditional cash offer for all the shares in Sinarmas Land that it does not own at $0.31 apiece, adding that it was making the offer to delist the company from SGX’s mainboard.

The company currently holds about 70.3% of the total number of issued shares in Sinarmas Land.

The offer price represents a 12.7% premium over Sinarmas Land’s last traded price of $0.275 per share on Mar 24, before the company called for a trading halt on 25 March.

The offeror said the trading liquidity of the shares on SGX in the past year has generally been thin, and that the offer allows shareholders to “realise a clean cash exit at a premium.”

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