Lyon Investments, an entity controlled by Indonesian billionaire Widjaja Family, has submitted an unconditional voluntary cash offer to acquire all of Sinarmas Land's shares that it does not already own.
Lyon Investments currently owns around 70.3 percent of Sinarmas Land's issued shares. The offer is set at S$0.31 per share, valuing the Singapore-listed property developer at S$1.32 billion (US$974.4 million). It is being made as an effort to acquire the remaining minority shares that are still outstanding in the market.
Lyon Investments itself has Franky Oesman Widjaja, Muktar Widjaja, and Margaretha Natalia Widjaja on its board of directors.
As quoted from businesstimes.sg on Thursday, March 27, 2025, the offer price of S$0.31 per share reflects a 12.7 percent premium compared to the last trading price of Sinarmas Land shares at S$0.275 per share on March 24. In addition, this price is also higher than the average share price for the last 1 month (+17.1 percent), the last 3 months (+5.6 percent).
Although offering a premium compared to the market price, this value remains far below Sinarmas Land's net asset value (NAV), which was recorded at S$1.19 per share as of June 30, 2024. Thus, this offer price is actually a 73.9 percent discount from the company's net asset value.
Delisting from SGX
Lyon Investments also stated plans to remove Sinarmas Land from the main board of the Singapore Stock Exchange (SGX). One of the main reasons for this move is the lack of stock trading liquidity on SGX over the past year.
The bidder stated that the delisting would provide greater flexibility for management in managing the business. In addition, this decision would also optimize the use of the company's resources and capital, as well as reduce operational and compliance costs associated with being a public company.
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