Sinarmas Land (SGX:A26) completed the acquisition of a 91.99% stake in Indonesia-based real estate developer Suryamas Dautamakmur (IDX:SMDM) from Top Global for SG$195.2 million.
The stake will be acquired through the company's Indonesia-listed company, Bumi Serpong Damai (IDX:BSDE), according to a Thursday filing with the Singapore bourse.
The company had also agreed to acquire 8.01% of the issued shares of Suryamas Dautamakmur from public shareholders for around SG$17.0 million under a mandatory tender offer.
Sinarmas Land said it will update when there is a material development on the offer.
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