The directors of Sinarmas Land have appointed W Capital Markets as their independent financial advisor for the proposed privatisation of the company by billionaire Widjaja family.
The family, through an entity called Lyon Investments, offered to take the company private for 31 cents per share on March 27. They currently own about 70.3% of the total number of issued shares, or 2.991 billion shares in Sinarmas Land.
The family said that 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.
The current offer price of 31 cents per share represents a 12.7% premium over the last traded price of 27.5 cents per share on March 24. This is also a premium of 17.1%, 5.6%, 0.5%, 14.6%, 16.8% and 18.5% over the volume weighted average price (VWAP) of the shares over the one, three, six, 12, 24 and 36-month periods respectively.
W Capital Markets is a corporate finance firm that in Jan just announced its new round of funds that brought its valuation to $42 million.
Shares in Sinarmas Land closed 0.5 cents higher or 1.538% up at 33 cents on Apr 3.
