Amara Holdings has appointed W Capital Markets as the independent financial adviser (IFA) overseeing the voluntary conditional cash offer by DRC Investments for $514.6 million.
On Apr 28, DRC Investments, which is an entity backed by several parties including the Teo family controlling Amara Holdings, offered 89.5 cents per share to take the property and hospitality firm private.
DRC Investments has already secured 90.58% of all Amara Holdings shares. The firm consists of Shorea HwaHong Newfields, a VCC backed by Hwa Hong Corporation and the Newfields group of companies; Winteam Investment, a unit of Wing Tai HoldingsLimited and Albertsons Capital, whose shareholders are Albert Teo, Amara's chairman, executive director and CEO, and Dawn Teo, Amara's chief operating officer. The three parties own 35%; 35% and 30% respectively of DRC Investments.
W Capital Markets is also the IFA for the directors of Sinarmas Landfor the proposed privatisation of the company by billionaire Widjaja family.
W Capital Markets raised a new round of funds in January that brings its valuation to $42 million, from the $21 million according to its previous fund raising round in 2021.
Amara Holdings has been listed since 1997 and since then, has not tapped the equity market for additional capital.
UOB has been appointed the financial adviser for this deal.
Shares in Amara Holdings closed flat at 88.5 cents on May 7.
