Lyon Investments, controlled by the Widjaja family—among Indonesia’s richest—has raised its offer to privatize Sinarmas Land. The offer price was increased by 21% to S$0.375 per share from the original S$0.31 announced in late March.

The revised offer values Sinarmas Land at approximately S$1.6 billion ($1.2 billion), according to a regulatory filing on Saturday. The closing date for the offer has been extended to May 29.

Widjaja Family Nears Full Control of Sinarmas Land

Prior to the improved offer, Lyon Investments had received valid acceptances covering nearly 24% of Sinarmas Land’s outstanding shares. This raised its total ownership to around 94%.

Upon completion of the deal, Lyon Investments plans to delist Sinarmas Land from the Singapore Exchange.

Minority Shareholders Call Out Initial Offer as Unfair

The Securities Investors Association (Singapore) voiced concerns over the initial offer, calling it insufficient.

“Many shareholders have expressed unhappiness on the recent voluntary unconditional cash offer made for Sinarmas Land which is widely seen to be ‘lowball’ and therefore exploitative,” said David Gerald, president of the association, on May 5.

Gerald stated that Sinarmas Land had a net asset value of S$0.85 per share as of December 2024. This implied the original S$0.31 offer was made at a 64% discount.

Sinarmas Land’s Property Assets Include Jakarta Landmarks

Sinarmas Land owns major buildings in Jakarta, including the 48-story Sinarmas MSIG Tower. It also developed the Plaza Thamrin, which features 95,648 square meters of premium office space across three buildings.

The company has property assets in Indonesia, Australia, China, Malaysia, Singapore, and the U.K.

Sinar Mas Group Ties Highlight Broad Business Reach

As of December 2024, the Widjaja family had a net worth of $18.9 billion and ranked No. 4 on Forbes’ list of Indonesia’s 50 Richest.

The Sinar Mas group, which includes Sinarmas Land, has interests spanning real estate, mining, paper mills, financial services, telecommunications, and agribusiness.

PHOTO: SINAR MAS

This article was created with AI assistance.