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Tenasek into sinarmas land...how true insider news
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superstartup
Supreme |
31-Mar-2025 22:13
Yells: "Enjoy doing Fundamental Research" |
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Datuk gang also joined in with article write up liao. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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superstartup
Supreme |
31-Mar-2025 22:08
Yells: "Enjoy doing Fundamental Research" |
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July is approval by ARCA. (this is a separate filing, different from that required of SGX) The approval by SGX is by end Apr for the announcement of the FY result. Well, Key Subsidiary, plus the other 2 subsidiaries had announced their FY result. From there, can have a good gauge of Sinarmas FY result and NAV. But can just wait for the FY result release. By right, any time now since PT BSD had already announced the FY result. |
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n3wbie
Elite |
31-Mar-2025 21:56
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Thanks for flagging - just saw the announcement in early March on the waiver. Wouldnt this be a governance issue and unfair to shareholders if SGX allowed this...?
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Trader-101
Supreme |
31-Mar-2025 18:16
Yells: "Don't trust what i say, Trust your decisions. " |
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Realistically if UOB Kay Hian, Citibank Nominees, and CGS CIMB dont pressure the offeror - the chances of offer revision is slim. IFA opinion and media critics are not going to move the needle for minority shareholders. Additionally, FY2024 annual return is not going to be filed until 30 July 2025 (SGX has approved the request). This means if UOB Kay Hian, Citibank Nominees, and CGS CIMB - and their clients accede to SGD 0.31, privatisation offer might even be completed before the release of FY2024 results. On the other hand, this also means that the IFA opinion is likely to be based on FY2023 results. Correction to my previous post: 1) AGM must be held by 29 June 2025, not 30 April 2025 so IFA opinion will most definitely be available before then. 2) Offer document is dispatched 14 days - 21 days after the announcement, IFA opinion and Independent directors recommendation will sent to us 14 days to 21 days later. In total at least 42 days counting from 27 March 2025 - in other words 8 May 2025 or 30 May 2025 (If only business days are counted). if the offeror is keen to revise the offer, it will most likely happen latest by May as it is uncommon for offeror to revise the offer after the circular containing IFA opinion and Independent directors recommendation are dispatched. So timeline is Dispatch IFA recommendation by 8 or 30 May 2025 - AGM before 29 June 2025 - FY2024 results released before 30 July 2025. |
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PQTPQK
Supreme |
31-Mar-2025 17:58
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Normally how long it will take to revise the price again ?
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ozone2002
Supreme |
31-Mar-2025 17:22
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Only offer at cash level - minority shareholders always at the losing end Key Statistics
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superstartup
Supreme |
31-Mar-2025 16:36
Yells: "Enjoy doing Fundamental Research" |
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Biz Times commented on the low ball offer too and highlighted the huge discount to NAV. Given that the key subsidiary had released the FY result, Sinarmas FY result will be out soon. The 2 are usually released together. Watch out for the FY earnings and further increase in NAV. And more critics on the low ball offer.
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Trader-101
Supreme |
31-Mar-2025 16:10
Yells: "Don't trust what i say, Trust your decisions. " |
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Financial Position The company is in a strong financial position, with enough liquid assets (current assets) to clear all its debts and still retain SGD 571 million. Cash reserves (unrestricted cash) alone can comfortably cover short-term liabilities, leaving an excess of SGD 98 million. This is supported by a robust current ratio of 2.63. At the SGD 0.31 offer price, company cash - valued at SGD 0.355 per share - not only covers the cost of privatization but also allows the offeror to privatize the company with profit of SGD 0.0455 per share. This is based on FY2023. FY2024 report has yet to be released but is expected to be good as the subsidiary has reported good results, and cash per share is likely to remain the same or even increase. Minority Disadvantage Minority shareholders are currently at a disadvantage. UOB Kay Hian, Citibank Nominees, and CGS CIMB collectively own 23.04% of the outstanding shares. If they - or their clients collectively - accept the offer, the free float will drop to just 6.66%, allowing the offeror to compulsorily acquire the remaining shares without needing the Independent Financial Advisor (IFA) opinion. It is unlikely they will reject the offer, as their holding costs are probably below SGD 0.30. This gives them a good chance to exit at cost. Aside from last year rally, the share price has not gone above SGD 0.31 since 2018. Back then, their holdings were only 9.6% as stated in the 2018 Annual Report. Their current 23.6% stake was likely accumulated at prices below SGD 0.31, meaning their average cost is likely close to the offer price. Because of this, it is less likely that they - or their clients - would reject the offer. The offeror likely knows this, which is why they did not offer to privatize Sinarmas Land at SGD 0.18. As of now, an IFA has not been appointed, so the opinion may not be available before the AGM, which must be held by 30 April 2025. According to the documents, the circular is expected to be issued within 14 to 28 days, and the IFA opinion will follow 14 to 28 days after that. The IFA opinion might not align with the interests of minority shareholders either. (Refer to IFA opinion for Golden Energy (GEAR) privatization). Potential Outcomes Offer Revision to Match Precedents: The offer may be revised to SGD 0.50 to reflect 42% of the company NAV, aligning with past precedents. If this revision is declared final, it would likely pressure UOB Kay Hian, Citibank Nominees, and CGS CIMB to accept. A free float drop below 10% would trigger trading suspension and compulsory acquisition. The Independent Financial Advisor (IFA) opinion would hold less weight, as the offer is unconditional. This means that if the free float falls below 10% and the offeror does not restore it, trading will stay suspended, effectively fixing the share value at SGD 0.31 until the compulsory acquisition is completed. Acceptance Without Offer Revision: UOB Kay Hian, Citibank Nominees, and CGS CIMB might accept the SGD 0.31 offer either before or after the IFA opinion is issued. Similar to the first outcome, the IFA opinion would have limited influence since the offer is unconditional. If the free float drops below 10% and is not restored by the offeror, trading suspension would follow, locking the value of shares at SGD 0.31 until compulsory acquisition. Rejection and Pressure for Higher Offer: UOB Kay Hian, Citibank Nominees, and CGS CIMB could reject the offer, pushing the offeror to revise it upwards. If the offer is increased, the IFA might issue an updated opinion or provide its analysis on the new offer. Regardless of whether the privatization proceeds, minority shareholders would likely have the opportunity to sell at a higher price than SGD 0.31, benefiting from the upward revision. Speculation My speculation is that offer price should be revised to at least SGD 0.36 to reflect cash position. If privatization precedents like Lian Beng were to be used as a reference, offer price should be revised to at least SGD 0.50 - based on 42% relative to NAV. At SGD 0.50, it is almost at a 9-year high, last seen in 2016. According to FY23 Annual Report, the top 26 shareholders excluding the offeror control 26.68%, of which UOB Kay Hian, Citibank Nominees, and CGS CIMB control 23.6%. In other words, minority shareholders collectively control only 3.02% - no bargaining power (10% is needed). Therefore, the revision of the offer is highly dependent on the collective course of action from UOB Kay Hian, Citibank Nominees, and CGS CIMB. Current holders can only wait for them to issue their opinion - if any. The ceiling will be SGD 0.50, floor at SGD 0.31. Risk-to-reward might appear very attractive to trade, but be aware of entry price as any entry above SGD 0.31 is also an opportunity for current holders to get out. So, be aware of the relative risks involved in opening new positions above SGD 0.31 if you are not a current holder. Lastly, the share price has been depressed because its dividend yield is less than 0.5%. This is not friendly to minority shareholders, which means even if the privatization does not go through, the potential upside is very limited. Liquidity is a big problem as minority shareholders effectively only hold between 3.06% to 6.66% of the outstanding shares. Warm regards, A vested holder. |
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superstartup
Supreme |
31-Mar-2025 13:46
Yells: "Enjoy doing Fundamental Research" |
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Bought more at 32 last friday closing. To hold longer till dispatch of offer notice. Playing : Potential Gain (revised offer price) higher than loss (1c assuming no revision in offer price). Please do your own DD. I bought small small only. |
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n3wbie
Elite |
30-Mar-2025 20:52
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Not sure just benchmarking to cash level is sufficient to warrant a fair and reasonable judgement of the offer? They do have a substantial amount of debt relative to their market cap so that is also another factor to consider.
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Trader-101
Supreme |
30-Mar-2025 20:48
Yells: "Don't trust what i say, Trust your decisions. " |
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Their NAV is $1.19 based on the 1H2024. Realistically, many will accept if they raise the offer to $0.36 which is their cash per share and 52 week high. Their dividend is so close to non-existent too. Have to wait for SIAS or IFA to determine if the offer is " Fair and reasonable" .
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n3wbie
Elite |
30-Mar-2025 20:08
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One thing positive is that the offer is not final so they are probably prepared to make a revised higher offer? | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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ozone2002
Supreme |
30-Mar-2025 19:55
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No 79c no sell!
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finjungle
Veteran |
29-Mar-2025 20:13
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When the market trading prices were deliberately pounded down the offer price looks attractive in every term and measure. Hope SG investors are not gullible to look at these percentages and statistics. Look at the intrinsic value of the shares
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Joelton
Supreme |
29-Mar-2025 13:36
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Sinarmas Land soars 23.6% on privatisation offer
The offer is a 12.7% premium over the company&rsquo s last traded price of S$0.275 on Mar 24
[SINGAPORE] Shares of Sinarmas Land : A26 +16.36% surged on Friday (Mar 28) morning after it announced on Thursday that it received a S$0.31 per share privatisation offer from an entity controlled by Indonesia&rsquo s billionaire Widjaja family.
As at 9.15 am on Friday, the counter climbed 23.6 per cent or S$0.065 to S$0.34 after 3.8 million shares changed hands. The last time the counter traded at such levels was in October 2024.
On Thursday, Lyon Investments made a voluntary unconditional cash offer for all the shares in Sinarmas Land that it does not already own. The deal values the Singapore-listed property developer at S$1.32 billion.
The offeror &ndash which counts executive chairman Franky Oesman Widjaja, chief executive officer Muktar Widjaja and Margaretha Natalia Widjaja among its directors &ndash currently holds about 70.3 per cent of the total number of issued shares in Sinarmas Land.
The offer price represents a 12.7 per cent premium over Sinarmas Land&rsquo s last traded price of S$0.275 on Mar 24.
It also represents a premium of about 17.1, 5.6 and 14.6 per cent over the volume-weighted average price of the shares over the last one, three and 12-month periods, respectively.
Indonesia&rsquo s Widjaja family moves to delist Sinarmas Land from SGX more large-cap exits on the horizon
However, the offer price is at a 73.9 per cent discount to Sinarmas Land&rsquo s net asset value of S$1.19 per share as at Jun 30, 2024.
Sinarmas Land called for a trading halt on Mar 25 before the market opened. After the privatisation announcement, it requested to lift its trading halt on Thursday night.
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Joelton
Supreme |
28-Mar-2025 13:43
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Indonesia&rsquo s Widjaja family moves to delist Sinarmas Land from SGX more large-cap exits on the horizon
Offer of S$0.31 a share allows shareholders to &ldquo realise a clean cash exit at a premium&rdquo , says offeror Lyon Investments
[SINGAPORE] An entity controlled by Indonesia&rsquo s billionaire Widjaja family has made a voluntary unconditional cash offer for all the shares in Sinarmas Land that it does not already own at S$0.31 apiece.
The offer on Thursday (Mar 27) values the Singapore-listed property developer at S$1.32 billion.
The offeror, Lyon Investments &ndash which counts executive chairman Franky Oesman Widjaja, chief executive officer Muktar Widjaja and Margaretha Natalia Widjaja among its directors &ndash currently holds about 70.3 per cent of the total number of issued shares in Sinarmas Land.
The offer price represents a 12.7 per cent premium over Sinarmas Land&rsquo s last traded price of S$0.275 per share on Mar 24, before the company called for a trading halt on Mar 25 before the market opened.
It also represents a premium of about 17.1, 5.6 and 14.6 per cent over the volume weighted average price of the shares over the last one, three and 12-month periods, respectively.
However, the offer price is at a 73.9 per cent discount to Sinarmas Land&rsquo s net asset value of S$1.19 per share as at Jun 30, 2024.
The offeror said the trading liquidity of the shares on the Singapore Exchange (SGX) in the past year has generally been thin, and that the offer allows shareholders to &ldquo realise a clean cash exit at a premium&rdquo .
It added that it was making the offer to delist the company from SGX&rsquo s mainboard.
This will give the management more flexibility to manage the business, optimise the use of its management and capital resources, and facilitate the implementation of any operational change without the attendant costs, regulatory restrictions and compliance issues associated with its listed status, it said.
Trading in shares of Sinarmas Land will be suspended should less than 10 per cent of its total number of shares be held in public hands at the end of the offer.
The offeror said that, in this event, it does not intend to support or take any step for the public float to be restored or for any trading suspension to be lifted.
It added that it intends to exercise its right of compulsory acquisition, should it manage to acquire at least 90 per cent of shares it did not already own before the offer.
The Widjaja family, which controls the Sinar Mas Group, is estimated to have a net worth of US$18.9 billion as at end-December, according to Forbes, ranking it as the fourth-richest in Indonesia.
The conglomerate has interests in a wide range of businesses, including paper, property and banking.
In 2023, the family took coal miner Golden Energy and Resources private from SGX. The family has another listed vehicle on the SGX in the form of palm oil player Golden Agri-Resources. The company has a market capitalisation of around S$3.4 billion Franky Oesman Widjaja is its chairman and CEO.
More delistings expected
More privatisations of SGX counters are imminent, with at least one multibillion-dollar company set to exit, a top corporate lawyer told The Business Times.
Sandy Foo, deputy head of the corporate and transactional group at Big Four law firm Rajah & Tann, is currently handling &ldquo a handful&rdquo of privatisation deals &ndash all involving mainboard SGX counters.
Foo, who also heads mergers and acquisitions at the firm, could not disclose company names due to confidentiality. She was speaking to BT ahead of a mergers and acquisitions panel organised by the Singapore Academy of Law, scheduled for next week.
&ldquo The deal values are pretty much in the hundreds of millions to the multibillion,&rdquo she said.
Reasons cited for delisting include providing minority shareholders an exit option ahead of restructuring, or because stock prices are trading &ldquo at far below&rdquo what sponsors, founders and shareholders consider fair value.
Said Foo: &ldquo And so they think &ndash with all the cost of governance and listing fees &ndash maybe we&rsquo re better off just taking it off the market.&rdquo
None of these companies intend to relist elsewhere, to Foo&rsquo s knowledge
The ongoing deals, depending on their completion timelines, could push total delistings in 2025 into double digits, matching recent trends.
Foo expects delistings will continue to outpace listings this year, in line with the broader market consensus.
Thus far in 2025, at least four companies &ndash 5E Resources, Jes International, Dyna-Mac and Silverlake Axis &ndash have confirmed or completed delistings. There have been no new listings yet.
In 2024, 20 companies exited the SGX, compared to just four new listings. The year before, 2023, recorded 25 delistings against six initial public offerings.
However, Singapore is not alone in experiencing this trend, Foo noted.
Last year, the London Stock Exchange saw 88 companies either delist or transfer their primary listing away from the main market &ndash the highest since 2009 &ndash against only 18 new listings.
&ldquo The lawyers in London were bemoaning about how there will be nothing left for them to privatise, and I just looked at them &ndash welcome to my world! We&rsquo ve been saying this for a few years,&rdquo Foo said.
Looking ahead, she expressed &ldquo optimism&rdquo that recent recommendations from the Monetary Authority of Singapore&rsquo s equities review group would help attract new listings to the local bourse.
She said: &ldquo We are Singapore, (and) I think when we put our minds to something, and we work at it together collectively, we do yield results. We just have to be patient about it.&rdquo
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Trader-101
Supreme |
28-Mar-2025 10:57
Yells: "Don't trust what i say, Trust your decisions. " |
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Lian Beng privatised at 44.2% to NAV. Current Sinarmas offer is 26% relative to NAV. Sinarmas must be at least $0.50 to be privatised. If the price stays at current levels, the free float will definitely stay above 10%. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Caesar
Master |
28-Mar-2025 10:53
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You got eyes for gem ... congrats!
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superstartup
Supreme |
28-Mar-2025 10:39
Yells: "Enjoy doing Fundamental Research" |
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I bought. Yummy. Half held long term. Half held for trading. As here is SGX bourse
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Caesar
Master |
28-Mar-2025 10:21
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Oic ... luckily they did not make the privatisation offer when Sinarmas was trading below 20ct ... about 6 months ago the share price was in 15-16cts range ... double-bagger for those who bought the shares at that time ... just commenting | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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