Sinarmas Land offer price may be hiked

SINCE this column broached the topic of the lowball offer for Sinarmas Land five weeks ago, there have been two important developments.

After the market closed on Apr 23, it was announced that the offeror had received valid acceptances amounting to nearly 936.3 million shares, representing 22 per cent of Sinarmas Land’s total number of shares.

This increased the number of shares held by the offeror to more than 3.9 billion, representing a 92.3 per cent stake in the company. The offeror is a company called Lyon Investments, which is ultimately owned by a trust linked to Indonesia’s Widjaja family.