Shares in Sinarmas Land opened 4.5 cents higher, or 16% up, at 32 cents on March 28, after the billionaire Indonesian Widjaja family made an offer to privatise the mainboard-listed company for 31 cents per share after trading hours on March 27.
Shares in Sinarmas Land reached a high of 34 cents within the first hour of trading, above its 52-week high of 33.5 cents. As at 9.45am, shares in Sinarmas Land are trading at 33 cents.
According to a March 27 bourse filing, the offeror, Lyon Investments, includes executive chairman Franky Oesman Widjaja, CEO Muktar Widjaja and Margaretha Natalia Widjaja among its directors.
It holds about 70.3% of the total number of issued shares, or 2.991 billion shares in Sinarmas Land.
The family says the privatisation offer is an opportunity for shareholders to realise a clean exit at a premium, and to realise their investments amid low trading liquidity of shares.
Sinarmas Land was incorporated in January 1994 and listed on the mainboard of the Singapore Exchange (SGX) in July 1997.
See also: Billionaire Widjaja family offers to take Sinarmas Land private for 31 cents per share
It is engaged in the palm oil and pulp and paper sectors, operating as well in real estate, financial services, agribusiness, telecommunications and mining across Indonesia, China, Malaysia, Singapore and the UK.
In 2023, the Widjaja family took coal miner Golden Energy and Resources private from the SGX. The family has another listed vehicle on the SGX in the form of palm oil player Golden Agri-Resources .
Shares in Sinarmas Land closed at 27.5 cents on March 27. Shares in Golden Agri-Resources are trading flat at 27 cents as at 9.45am.
