Lyon Investments plans to make a voluntary unconditional cash offer of SG$0.31 per share for all outstanding shares in Sinarmas Land (SGX:A26), excluding treasury shares and those held by the buyer, according to a Thursday filing on the Singapore Exchange.
The offer represents a 12.7% premium over the last traded price of SG$0.275 on March 24 and a 17.1% premium over the one-month VWAP.
Sinarmas Land, listed in Singapore since 1997, operates in property development and management across Indonesia, China, Malaysia, Singapore, and the UK.
Lyon Investments, controlled by the Widjaja family, already holds about 70.3% of the company's shares.
The offer is unconditional and allows shareholders to cash out at a premium without brokerage fees.
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