Sinarmas Land   

Tenasek into sinarmas land...how true insider news

if we accept 0.375 offer, how soon can we receive the proceeds?

pool100      ( Date: 11-May-2025 13:33) Posted: Superb. 37.5cent. Still low ball but better than nothing. Anyone still going to hold out?

 

Still significantly below RNAV or book value. Is IFA going to say this is reasonable just because it was an uplift? Would love to hear SIAS view on this.

pool100      ( Date: 11-May-2025 13:33) Posted: Superb. 37.5cent. Still low ball but better than nothing. Anyone still going to hold out?

 

Superb. 37.5cent. Still low ball but better than nothing.

Anyone still going to hold out?

 

Ya loh those sincerly want to take over one will extend the date and increased the price else those no heart want will said offer closed no extension.

 

I am happy to update that the offeror has revised the price to the higher end of my estimate at $0.375! Congratulations to everyone that has held out!

Trader-101      ( Date: 06-May-2025 13:46) Posted: SIAS and The Business Times have criticised the offeror for making an exploitative offer. However, both stopped short of advising shareholders to reject it, citing concerns over the loss of free float. The IFA has since responded, using a tone similar to the one seen during the GEAR privatisation. In that case, both the IFA and the offeror family were the same as in the current offer. At the time, SIAS also criticised the IFA report, and the same IFA issued a rebuttal. The offer for GEAR was eventually sweetened slightly before it was successfully privatised. That said, the context now is different. GEAR was trading much closer to its net asset value, while Sinarmas Land is at a significant discount to NAV. This makes the current offer appear less attractive in comparison. An SGX query is expected soon, possibly within the week, which could place additional pressure on the offeror to revise the offer. Based on recent public signals, any potential revision, if it occurs, is likely in the range of 0.35 to 0.37. There is also the possibility that a special offer may be extended to holdouts after the main offer lapses. However, this is not guaranteed and would depend on the final acceptance rate. Since the Sinarmas Land announcement,  at least four other companies have launched privatisation offers.  In comparison, other recent takeover offers have appeared significantly more generous. This contrast makes the current situation more contentious. If this privatisation becomes protracted or poorly managed, it is unlikely to benefit the company, minority shareholders like us, or the broader market. This situation also highlights a broader concern. SGX MUST review the criteria for appointing an Independent Financial Adviser. An IFA should be genuinely independent and act in the interest of minority shareholders, not the offeror. Without stronger safeguards, the five billion dollar market revival plan may struggle to rebuild investor confidence. finjungle      ( Date: 06-May-2025 12:28) Posted: IFA is INDEPENDENT? that must be a hope against HOPE. Would Sinarmas engaged a REALLY independent advisor for the minority shareholders

 

Revised offer $0.375

 

No worries, there are still a couple of days left - many variables are still in play. I hope to update with good news too :) We have to see if the holdouts are strong enough to demand a seat at the negotiating table.

On a side note: Amara privatisation has engaged W Capital (Same IFA as Sinarmas Land) as their IFA. Their offer is final. It will be interesting to see how W Capital will INDEPENDENTLY evaluate that offer.

finjungle      ( Date: 07-May-2025 15:12) Posted: Hi Trader-101 Thank you for the update  Hold out for more cash.  Ignore the deadline Trader-101      ( Date: 07-May-2025 14:33) Posted: It will be interesting to see whether the SIAS will further escalate their criticism, given that the IFA have responded. As we are nearing to the offer deadline, I believe the buying demand at $0.315 will evaporate as soon as tomorrow. This will trigger more holders to sell. Accordingly, we should be receiving an update on the acceptance rate as soon as today.  Those that are contemplating to accept the offer, do take note that the acceptance must be mailed and received by the offeror by 14 May 2025, 5:30pm. In other words, mail them by tomorrow or this Friday.  It remains to be seen if SGX will send query to question the timing and circumstances of the acceptance by the other major shareholders amounting to approx 22% of outstanding shares.  This is a war between the offeror and the holdouts. Due to the loss of the free float - Do be reminded that this counter will be SUSPENDED immediately after the market closes on 14 May 2025. The suspension WILL NOT EVER be lifted. This will remain until Sinarmas Land is privatised completely.

 

Hello Pool100

good to know that you are holding on to fight these cheap and opportunistic Indons.

pool100      ( Date: 07-May-2025 16:49) Posted: Piece of shit. They' re taking us as fools. It' s clear that W capital is NOT independent. To be truly independent, it has be to appointed by MAS or an independent body. Never trust this crook indonesian family ever again. They can list elsewhere and don' t come back to Singapore. I' m holding out as well. Fight till the end. Joelton      ( Date: 07-May-2025 12:16) Posted: IFA stands its ground on valuations in Sinarmas Land offer says methods used &lsquo appropriate&rsquo and in line with practice W Capital Markets also rejects Sias&rsquo charge that it double-discounted asset values   [SINGAPORE] W Capital Markets, which is advising Sinarmas Land&rsquo s : A26 0%independent directors on the Widjajas&rsquo offer to privatise the company, insists its valuations of the group&rsquo s assets are &ldquo appropriate&rdquo and &ldquo consistent with widely accepted industry practice&rdquo .   The independent financial adviser (IFA) was responding to concerns raised by the Singapore Investors Association (Singapore) or Sias, and The Business Times columnist Ben Paul in his Mark to Market column.   Both parties had argued that IFA&rsquo s valuation range for Sinarmas Land shares was undervalued.   In a letter addressed to Sinarmas&rsquo independent directors on Monday, W Capital said it &ldquo categorically refutes&rdquo these suggestions and that it had adopted the most appropriate methods in line with conventional industry practice by other IFAs in Singapore.   It had earlier said the offer from Widjaja-family linked Lyon Investments was &ldquo not fair but reasonable&rdquo , estimating a fair value range of S$0.35 to S$0.361 per share, derived from a sum-of-the-parts (SOTP) analysis of the company&rsquo s listed and unlisted assets.   BT columnist Ben Paul had questioned the IFA&rsquo s fair value and whether its valuations captured the full potential of Sinarmas Land&rsquo s components, noting that the company&rsquo s assets could likely fetch prices in the private market that are &ldquo well above the valuations implied by their public-listed holding companies&rdquo .   In response, W Capital Markets said the SOTP method was appropriate given Sinarmas Land&rsquo s nature as a pure investment holding company, with no direct control over the assets held by the company&rsquo s listed subsidiaries that operate under separate management teams.   On the view that IFAs tend to ignore how the basis of valuation might change once a target company is taken private, W Capitals said its role was not to speculate on and assess private market valuation frameworks that may alter a company&rsquo s value after a delisting.   &ldquo Our adopted yardsticks for assessment do not deviate from conventional industry practice taken by other IFAs in Singapore,&rdquo the firm said.   Sinarmas Land offer price may be hiked Sias had charged that the IFA&rsquo s valuation had &ldquo double-discounted&rdquo Sinarmas Land&rsquo s unlisted assets, both in its SOTP analysis, which valued the assets at a 37 per cent discount to its revalued net asset value (RNAV), as well as applying a &ldquo holding company discount&rdquo of 20 to 22 per cent to its valuation.   The IFA responded that the company&rsquo s RNAV may not reflect fair value, as it does not account for additional costs including professional fees, liquidation costs or regulatory requirements, which could all reduce the realisable RNAV.   It noted that comparable companies and past Singapore Exchange privatisations have typically been priced below net asset value and, in such cases, were deemed to be fair and reasonable by IFAs.   As for the holding company discount, it said such methods are commonly applied to reflect the market perception of risks involved in owning a holding company. Corporate expenses, tax implications from dividends and investors&rsquo limited control over subsidiaries could also be the basis for such discounts, the IFA said.   &ldquo We strongly disagree with Sias&rsquo view that there is double discounting,&rdquo said Wayne Lee, chairman and chief executive officer of W Capital Markets, arguing that the holding company discount is conceptually distinct from the SOTP methodology.

 

Piece of shit. They' re taking us as fools.

It' s clear that W capital is NOT independent. To be truly independent, it has be to appointed by MAS or an independent body.

Never trust this crook indonesian family ever again. They can list elsewhere and don' t come back to Singapore.

I' m holding out as well. Fight till the end.

Joelton      ( Date: 07-May-2025 12:16) Posted: IFA stands its ground on valuations in Sinarmas Land offer says methods used &lsquo appropriate&rsquo and in line with practice W Capital Markets also rejects Sias&rsquo charge that it double-discounted asset values   [SINGAPORE] W Capital Markets, which is advising Sinarmas Land&rsquo s : A26 0%independent directors on the Widjajas&rsquo offer to privatise the company, insists its valuations of the group&rsquo s assets are &ldquo appropriate&rdquo and &ldquo consistent with widely accepted industry practice&rdquo .   The independent financial adviser (IFA) was responding to concerns raised by the Singapore Investors Association (Singapore) or Sias, and The Business Times columnist Ben Paul in his Mark to Market column.   Both parties had argued that IFA&rsquo s valuation range for Sinarmas Land shares was undervalued.   In a letter addressed to Sinarmas&rsquo independent directors on Monday, W Capital said it &ldquo categorically refutes&rdquo these suggestions and that it had adopted the most appropriate methods in line with conventional industry practice by other IFAs in Singapore.   It had earlier said the offer from Widjaja-family linked Lyon Investments was &ldquo not fair but reasonable&rdquo , estimating a fair value range of S$0.35 to S$0.361 per share, derived from a sum-of-the-parts (SOTP) analysis of the company&rsquo s listed and unlisted assets.   BT columnist Ben Paul had questioned the IFA&rsquo s fair value and whether its valuations captured the full potential of Sinarmas Land&rsquo s components, noting that the company&rsquo s assets could likely fetch prices in the private market that are &ldquo well above the valuations implied by their public-listed holding companies&rdquo .   In response, W Capital Markets said the SOTP method was appropriate given Sinarmas Land&rsquo s nature as a pure investment holding company, with no direct control over the assets held by the company&rsquo s listed subsidiaries that operate under separate management teams.   On the view that IFAs tend to ignore how the basis of valuation might change once a target company is taken private, W Capitals said its role was not to speculate on and assess private market valuation frameworks that may alter a company&rsquo s value after a delisting.   &ldquo Our adopted yardsticks for assessment do not deviate from conventional industry practice taken by other IFAs in Singapore,&rdquo the firm said.   Sinarmas Land offer price may be hiked Sias had charged that the IFA&rsquo s valuation had &ldquo double-discounted&rdquo Sinarmas Land&rsquo s unlisted assets, both in its SOTP analysis, which valued the assets at a 37 per cent discount to its revalued net asset value (RNAV), as well as applying a &ldquo holding company discount&rdquo of 20 to 22 per cent to its valuation.   The IFA responded that the company&rsquo s RNAV may not reflect fair value, as it does not account for additional costs including professional fees, liquidation costs or regulatory requirements, which could all reduce the realisable RNAV.   It noted that comparable companies and past Singapore Exchange privatisations have typically been priced below net asset value and, in such cases, were deemed to be fair and reasonable by IFAs.   As for the holding company discount, it said such methods are commonly applied to reflect the market perception of risks involved in owning a holding company. Corporate expenses, tax implications from dividends and investors&rsquo limited control over subsidiaries could also be the basis for such discounts, the IFA said.   &ldquo We strongly disagree with Sias&rsquo view that there is double discounting,&rdquo said Wayne Lee, chairman and chief executive officer of W Capital Markets, arguing that the holding company discount is conceptually distinct from the SOTP methodology.

 

Hi Trader-101

Thank you for the update 

Hold out for more cash. 

Ignore the deadline

Trader-101      ( Date: 07-May-2025 14:33) Posted: It will be interesting to see whether the SIAS will further escalate their criticism, given that the IFA have responded. As we are nearing to the offer deadline, I believe the buying demand at $0.315 will evaporate as soon as tomorrow. This will trigger more holders to sell. Accordingly, we should be receiving an update on the acceptance rate as soon as today.  Those that are contemplating to accept the offer, do take note that the acceptance must be mailed and received by the offeror by 14 May 2025, 5:30pm. In other words, mail them by tomorrow or this Friday.  It remains to be seen if SGX will send query to question the timing and circumstances of the acceptance by the other major shareholders amounting to approx 22% of outstanding shares.  This is a war between the offeror and the holdouts. Due to the loss of the free float - Do be reminded that this counter will be SUSPENDED immediately after the market closes on 14 May 2025. The suspension WILL NOT EVER be lifted. This will remain until Sinarmas Land is privatised completely.

 

It will be interesting to see whether the SIAS will further escalate their criticism, given that the IFA have responded. As we are nearing to the offer deadline, I believe the buying demand at $0.315 will evaporate as soon as tomorrow. This will trigger more holders to sell. Accordingly, we should be receiving an update on the acceptance rate as soon as today. 

Those that are contemplating to accept the offer, do take note that the acceptance must be mailed and received by the offeror by 14 May 2025, 5:30pm. In other words, mail them by tomorrow or this Friday. 

It remains to be seen if SGX will send query to question the timing and circumstances of the acceptance by the other major shareholders amounting to approx 22% of outstanding shares. 

This is a war between the offeror and the holdouts. Due to the loss of the free float - Do be reminded that this counter will be SUSPENDED immediately after the market closes on 14 May 2025. The suspension WILL NOT EVER be lifted. This will remain until Sinarmas Land is privatised completely. 

 

SIAS may not hv regulatory power to enforce its effectiveness in helping retailers, but in recent years David Gerard had directly or indirectly spoken out against lowballer offer. This had helped in raising the some lowballers offer prices of some delisted companies like Golden Energy, ... etc. 
In this aspect it' s definitely better then SGX RegCo n MAS who hv the regulatory power but did nothing to protect small investors from the imperfect system! This may be the reason why the valuation in SGX listed companies are v low.

nott1965      ( Date: 07-May-2025 00:02) Posted: I personally do not trust SIAS will fight for all minority shareholders. SIAS will remain irrelevant and disappear one day.

 

 

I personally do not trust SIAS will fight for all minority shareholders. SIAS will remain irrelevant and disappear one day.

 

As for Averga we didn&rsquo t know why SIAS didn&rsquo t speak, but what we do know was he did spoke for Golden Energy n now for Sinarmas land. This offer of 31c is ridiculous low to its NAV! The main blame should be SGX RegCo n MAS who allow the company to appoint their IFS. MAS or SGX RegCo should be the neutral entity to appoint IFS. Many retail investors had n hv suffered many lowball offers through delisted companies in SGX. 

nott1965      ( Date: 06-May-2025 18:04) Posted: SIAS is being inconsistent. When Avarga was lowballed and IFS also said not fair but reasonable, never issue any statement. Stayed quiet. This one why SIAS suddenly came out with this query? Not sure how SIAS works

 

SIAS is being inconsistent. When Avarga was lowballed and IFS also said not fair but reasonable, never issue any statement. Stayed quiet. This one why SIAS suddenly came out with this query? Not sure how SIAS works

 

Corporate governance advocate and professor at the National University of Singapore Business School Mak Yuen Teen explained that the issue is IFAs are appointed by a company?s directors, who, in turn, are appointed by the controlling shareholders.

?It?s usually the controlling shareholders who are privatising the companies ? the same people who effectively appoint the directors who appoint the IFAs,? he said.

He said what is still missing is a mechanism enabling the regulators to know if a company?s directors and their appointed IFAs are complying with the rules and sanctions that penalise those who do not.

Mr Nallakaruppan S, president of the Society of Remisiers (Singapore), suggested having the Monetary Authority of Singapore be the independent party to appoint an IFA, and said its fees should be determined based on an appropriate and transparent formula.

https://www.straitstimes.com/business/industry-lauds-new-ifa-guidelines-but-says-more-must-be-done-to-address-issue-of-independence

 

SIAS and The Business Times have criticised the offeror for making an exploitative offer. However, both stopped short of advising shareholders to reject it, citing concerns over the loss of free float.

The IFA has since responded, using a tone similar to the one seen during the GEAR privatisation. In that case, both the IFA and the offeror family were the same as in the current offer. At the time, SIAS also criticised the IFA report, and the same IFA issued a rebuttal. The offer for GEAR was eventually sweetened slightly before it was successfully privatised.

That said, the context now is different. GEAR was trading much closer to its net asset value, while Sinarmas Land is at a significant discount to NAV. This makes the current offer appear less attractive in comparison.

An SGX query is expected soon, possibly within the week, which could place additional pressure on the offeror to revise the offer. Based on recent public signals, any potential revision, if it occurs, is likely in the range of 0.35 to 0.37.

There is also the possibility that a special offer may be extended to holdouts after the main offer lapses. However, this is not guaranteed and would depend on the final acceptance rate.

Since the Sinarmas Land announcement,  at least four other companies have launched privatisation offers.  In comparison, other recent takeover offers have appeared significantly more generous. This contrast makes the current situation more contentious. If this privatisation becomes protracted or poorly managed, it is unlikely to benefit the company, minority shareholders like us, or the broader market.

This situation also highlights a broader concern. SGX MUST review the criteria for appointing an Independent Financial Adviser. An IFA should be genuinely independent and act in the interest of minority shareholders, not the offeror. Without stronger safeguards, the five billion dollar market revival plan may struggle to rebuild investor confidence.

finjungle      ( Date: 06-May-2025 12:28) Posted: IFA is INDEPENDENT? that must be a hope against HOPE. Would Sinarmas engaged a REALLY independent advisor for the minority shareholders? Kuaile      ( Date: 06-May-2025 12:17) Posted: IFA issued a statement to self justify its recommendations. What else can we expect it to say otherwise. Whatever it said, a lowball offer is a lowball offer.  The only hope for the remaining independent shareholders is for the  SGX Regco or MAS to step in.

 

IFA is INDEPENDENT? that must be a hope against HOPE.

Would Sinarmas engaged a REALLY independent advisor for the minority shareholders?

Kuaile      ( Date: 06-May-2025 12:17) Posted: IFA issued a statement to self justify its recommendations. What else can we expect it to say otherwise. Whatever it said, a lowball offer is a lowball offer.  The only hope for the remaining independent shareholders is for the  SGX Regco or MAS to step in.

 

IFA issued a statement to self justify its recommendations. What else can we expect it to say otherwise.
Whatever it said, a lowball offer is a lowball offer.  The only hope for the remaining independent shareholders is for the 
SGX Regco or MAS to step in.