Sinarmas Land appoints W Capital as IFA for buyout offer

Lyon Investments offers to acquire Sinarmas Land for $0.31 per share.

Sinarmas Land has appointed W Capital Markets as the independent financial adviser (IFA) to advise directors of the company on making a recommendation to shareholders regarding the offer.

On 27 March, PwC Corporate Finance announced that Lyon Investments made a voluntary unconditional cash offer to acquire all the issued and paid-up ordinary shares in Sinarmas Land at $1.32b or $0.31 per share. Lyon Investments made the offer to delist the company from the SGX Mainboard.

The offer excludes treasury shares and those already held by Lyon Investment. Currently, Lyon Investment holds 70.3% of the total number of issued shares in Sinarmas Land.

A circular with the IFA's advice and directors' recommendation on the offer will be sent to shareholders within 14 days of the offer document's electronic dissemination.

Sinarmas Land advises its shareholders to exercise caution when dealing with the company’s shares and consult their advisers when in doubt..

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