The purchase consideration for all six assets stood at $28 million, or approximately IDR330,640 million.
According to the group, the proposed acquisition of the ferry terminal and surrounding land will allow Tuan Sing to benefit from potential growth opportunities in Batam. The acquisitions are also part of the group’s strategy to manage risk and land restrictions, and also expand its existing scale and capacity, adds Tuan Sing.
On a pro forma basis, had the acquisitions been completed on Dec 31, 2023, the net tangible asset (NTA) of the group for FY2023 would remain unchanged at $1.2 billion, while NTA per share would have stood unchanged at 98.7 cents.
Had the acquisitions been completed on Jan 1, 2023, the group’s earnings for FY2023 would have stood at $4.5 million, instead of $4.8 million. Earnings per share would have stood at 0.36 cents, instead of 0.39 cents.
See also: Olam disposes its remaining 32.4% stake in Arise P&L
Shares in Tuan Sing Holdings closed flat at 25 cents on Nov 19.
