Indonesia's Widjaja family raises offer for SGX-listed Sinarmas Land by 21%
SINGAPORE - Shares of Sinarmas Land jumped by around 19 per cent to 38 cents when the market opened on May 13, after the Widjaja family upped its offer to take the company private on May 10.
Lyon Investments, which is controlled by the Widjajas, one of Indonesia's richest families, raised the price it is willing to pay for the remaining shares of Sinarmas Land by 21 per cent to 37.5 cents per share, or $1.6 billion in total, following criticism from minority shareholders that its original offer was too low.
The closing date of the revised offer has also been extended from May 14 to May 29.
Sinarmas Land is one of Indonesia's largest property developers and part of the Widjaja-owned Sinarmas conglomerate, which also controls Singapore-listed Golden Agri-Resources.
As at May 9, Lyon Investments had already received acceptances from shareholders collectively holding 23.85 per cent of the shares in Sinarmas Land, giving it control over 94.15 per cent of the company.
At those levels, Sinarmas Land's free float is now below 10 per cent, implying that trading of its shares may soon be suspended on the Singapore Exchange (SGX) to comply with listing rules.
Lyon Investments first offered to take Sinarmas Land private on March 27 at 31 cents per share, or $1.32 billion in total, citing the low trading liquidity of the company's shares, among other things.
No action is required from shareholders who accepted the original offer at 31 cents, as they will automatically receive the higher price.
The revised deal follows an assessment by independent financial adviser (IFA) W Capital Markets, which deemed the offer 'not fair but reasonable' and valued each Sinarmas Land share between 35 and 36.1 cents.
Current listing rules require any delisting offer to be both 'fair and reasonable' for it to go through, and be approved by 75 per cent of independent shareholders present at an extraordinary general meeting.
According to the exchange regulator, an offer is 'fair' if the value of the offer price is greater than or equal to the value of the shares subject to the offer.
Additionally, when considering whether an offer is 'reasonable', an IFA should give regard to matters including the concentration of pre-existing voting power in the shares of the issuer, the market liquidity of the shares, and the likelihood of an alternative offer being made.
In a May 5 statement, the Securities Investors Association (Singapore), or Sias, noted that many minority shareholders had expressed unhappiness over the 31 cents per share offer for Sinarmas Land, which it said was widely seen as 'lowball'' and therefore 'exploitative'.
Among other things, Sias noted that Sinarmas Land's net asset value per share as at Dec 31, 2024, was about 85 cents, implying the offer was pitched at a 63.6 per cent discount. It also questioned the methods used by the IFA to value the company's assets.
In response, W Capital Markets said in a May 6 statement that its valuation methods were 'appropriate' and 'consistent with widely accepted industry practice'.
The offer for Sinarmas Land also comes amid a spate of privatisation offers in 2025. So far, at least nine other companies have announced potential delistings this year . They are: SLB Development, PEC, Sin Heng Heavy Machinery , Econ Healthcare, Murata Manufacturing, ICP, Amara Holdings, Procurri Corp, and Ban Leong Technologies .
The shareholders of two other companies, Japfa and Paragon Real Estate Investment Trust, have already accepted offers for the companies to be taken private and will be delisted.
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For example, the way seating is arranged can influence the way people enjoy use and enjoy the space. The design of spaces should create opportunities for 'chance encounters and social interactions', the report said. At One Holland Village, for instance, the Village Square is a 530sqm open-air public space sheltered by a canopy. It creates a 'central focal point' for gatherings, events and performances by offering a shared space that invites community participation, said Far East Organization's executive director for property services Marc Boey. The chairs and tables in the Village Square are available for anyone to arrange to their liking at any time, added NUS' Prof Chang. It's an example of how an urban space 'provides the resources and lets people use them' however they wish, giving them a sense of responsibility to the wider community. It aligns with one of the elements that make a great place, as stated in the URA report. Such a place "allows for flexible use of space, and inspires spontaneity and creativity, for people to make the place feel like their own.' Consider also the staple busking act in One Holland Village. Prof Chang noted that while such performers require a permit, their presence and constant music makes the place feel welcoming. 'It doesn't seem very obvious that this person has been approved by any licensing unit. It feels organic; it doesn't feel thought-out even though it is,' he said, and added that it takes a 'very skilled planner' to curate a place that patrons can connect with effortlessly. The URA report also identified elements such as reflecting local identity and ensuring easy accessibility as key to making a great place. For One Holland Village, the need to complement and respect the neighbourhood's existing 'low-rise, shopping-street character' was a 'deliberate and central tenet' of the planning process, said Boey. Key considerations included the thoughtful integration of building forms and materials, as well as enhancing public connectivity, he added. 'We considered the terrain, climate and character of the surrounding shophouses and homes.' The team also worked with authorities to create a 'seamless flow' between the mall and the adjacent hawker centre – and some have taken notice. Dr Felicity Chan from the Lee Kuan Yew Centre for Innovative Cities at the Singapore University of Technology and Design (SUTD) was initially sad to see Holland Village's 'low-rise feel' start to fade, but was happy with how the neighbourhood's new entrant adapted. 'I feel like One Holland Village didn't try too hard to blend, but they did try not to create something that's outlandishly different. They understood that the street should continue into the mall, and those are very beautiful, subtle gestures,' said the deputy director for the Master of Science in Urban Science, Policy and Planning. 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Still, even within One Holland Village, F&B outlets appear to be less packed compared to months after the mall's opening. The restaurant manager at Extra Virgin Pizza, who declined to be named, told CNA Lifestyle the weekday lunch crowd isn't 'too much' – there were a handful of customers on the couple of days we passed by – but it picks up at dinner time and on weekends as expected. He noted that the footfall used to be higher when the outlet first opened. Japanese cafe Tsujiri's owner Andrew Goh shared similar concerns, despite the F&B outlet being at a prominent spot on Level 2 near the escalator. Over the past nine months, his sales have fallen by at least 40 per cent – a decline that he pegged to more people travelling to Malaysia during the weekends and the death of novelty over the mall's pet-friendly concept. 'We are expecting a better crowd than what it is now (around 700 customers per month), but we have to (carry) on and hopefully the whole market situation will be better as soon as possible,' he said. In other words, it might take much more to rejuvenate Holland Village as a whole and for the long term. This goes beyond ensuring tenants find it financially sustainable to stick around. Dr Chan pointed to introducing a Business Improvement District (BID) as a possible starting point. The business-led and funded initiative encourages businesses and local communities to take greater ownership in developing projects that enhance their precincts. 'There will always be the tension of having to leave something behind, but it's not that you cannot enjoy One Holland Village as it is,' she said. 'I think more effort could be made (for) Holland Village (to become) a business improvement district, so it doesn't need to be the case where one part thrives and the other dies. It's about the whole neighbourhood. Because One Holland Village, if not for Holland Village, would be really out of place.'
