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.
See also: LHN proposes to voluntarily delist from HKEX
UOB has been appointed the financial adviser for this deal.
Shares in Amara Holdings closed flat at 88.5 cents on May 7.
