Amara’s key shareholders in talks over a possible transaction amid jump in share price, volumes

TWO major shareholders cum executive directors of property developer and hotel group Amara Holdings are currently engaged in confidential discussions with a third party in relation to a possible transaction involving the company.

Amara Holdings, in its regulatory filing on Sunday (Jun 18), referred to “unusual price movements and the higher than usual volume of trading” in its shares last Thursday and Friday.

Its share price was S$0.355 at Wednesday’s market close and had surged by 23.9 per cent to S$0.440 when it requested a trading halt around 12.30 pm on Friday.

Amara’s statement indicated that it received written notification on Saturday from Albert Teo Hock Chuan and Susan Teo Geok Tin, informing the company that they and some family members are currently engaged in confidential discussions with a third party in relation to a possible transaction involving Amara.

Albert Teo holds the position of chief executive officer while Susan Teo is one of Amara’s company secretaries.

Both are shareholders. The Singapore Exchange website shows that Susan Teo holds a 6.1 per cent stake in Amara while Albertsons Capital – in which Albert Teo is a shareholder – owns about a 6.3 per cent interest in Amara. First Security, a corporate shareholder with a 26.5 per cent stake, count both Teos as shareholders.

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Their discussions may or may not lead to an offer for the shares of the company, Amara’s filing said.

Amara has, on Sunday, asked for the trading halt to be lifted.