Shares of Sinarmas Land jumped to a seven-year high after the Widjaja family offered to take the Singapore-listed developer private in a deal valuing the company at S$1.3 billion ($985 million).
Lyon Investments—controlled by the Widjaja family, among the wealthiest clans—will buy the remaining 1.26 billion Sinar Mas Land shares it doesn’t own at S$0.31 apiece, totalling S$391 million ($292 million), according to a regulatory filing on Thursday. The company currently holds 2.9 billion shares, equivalent to 70.3% stake in Sinar Mas Land.
“Shareholders will have an opportunity to realise their investments in the company for a cash consideration at a premium,” Lyon Investments said.
While the offer price was at a 12.7% premium from Sinarmas Land’s last traded price of S$0.275 on Monday, before trading was suspended pending the announcement, the shares are now trading above Lyon’s offer price. The stock jumped 22% to S$0.335 in Friday morning trading in Singapore, heading for its highest close since March 2018.
Lyon Investments said Sinarmas Land is a thinly traded stock on the Singapore Exchange. “The offeror believes that the offer represents an opportunity for shareholders to realise their investments in shares at a price (without incurring any brokerage and other trading costs) which may not otherwise be readily available,” it said.
One of Indonesia’s largest real estate companies, Sinarmas Land owns some of the prime office buildings in Jakarta including the 48-story Sinarmas MSIG Tower and the Plaza Thamrin, comprising 95,648 sqm of premium office space across three buildings. Apart from Indonesia, it also has properties in Australia, China, Malaysia, Singapore and the U.K.
With a net worth of $18.9 billion, the Widjaja family ranked No. 4 on Forbes’ list of Indonesia’s 50 Richest that was published in December 2024. Besides real estate, the family’s Sinar Mas group has interests in mining, paper mills, financial services, telecommunications, and agribusiness.
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