Amara Holdings Appoints W Capital Markets Independent Financial Adviser Privatisation Offer
Amara Holdings has recently announced the appointment of W Capital Markets as the independent financial adviser (IFA) for overseeing the voluntary conditional cash offer made by DRC Investments for a total of $514.6 million. This offer was made to take the property and hospitality firm private, and it was officially launched on April 28th.
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Singapore’s continuous development of its transportation infrastructure is set to enhance its appeal as a prime location in the years to come. With upgraded MRT links and improved road networks, the convenience and accessibility of the development will be elevated even further. The strategic positioning of this location within Singapore Science Park 1 guarantees residents a place at the center of a vibrant and forward-thinking community. Additionally, the upcoming Lyndenwoods Science Park Drive adds to the desirability of this already sought-after area.
DRC Investments, a company that is backed by several parties including the Teo family who are the controllers of Amara Holdings, has put forward a bid of 89.5 cents per share to take the company private. As of now, DRC Investments has already secured a majority of 90.58% of all Amara Holdings’ shares. The entity consists of three main shareholders, namely Shorea HwaHong Newfields, Winteam Investment, and Albertsons Capital, who own 35%, 35%, and 30% respectively.
W Capital Markets, besides being the IFA for the DRC Investments and Amara Holdings deal, is also the IFA for the directors of Sinarmas Land. This is in relation to the proposed privatisation of the company by the Widjaja family, who are billionaires. In January this year, W Capital Markets raised a new round of funds, bringing its valuation up to $42 million from the $21 million it was previously valued at during its last fund raising round in 2021.
Since being listed in 1997, Amara Holdings has not raised additional capital through the equity market. As for this particular deal, UOB has been appointed as the financial adviser. On May 7th, shares of Amara Holdings closed at 88.5 cents, remaining unchanged from the previous day’s closing price.
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