JAKARTA: Indonesia’s influential Widjaja family has launched a bid to take Sinarmas Land private, offering to acquire the shares of the Singapore-listed property firm that it does not already own. The deal values Sinarmas Land at S$1.32 billion (US$986 million).
The Widjaja family, which controls the Sinar Mas Group, currently holds a 65.75% stake in Sinarmas Land through its family trust, according to LSEG data. Sinar Mas Group operates a diverse range of businesses, including pulp and paper, property, and banking, primarily in Indonesia.
Under the all-cash offer, shareholders would receive S$0.31 per share, reflecting a 12.7% premium over the stock’s last traded price on Monday. Trading in Sinarmas Land shares has been halted since then.
The family stated that Sinarmas Land’s ability to pay dividends depends largely on the financial performance of Sinar Mas Group’s Indonesian-listed subsidiaries, such as PT Bumi Serpong Damai and PT Puradelta Lestari. The offer provides shareholders with a chance to exit and reinvest directly in these entities.
As the majority shareholder, the Widjaja family’s offer does not require a minimum level of shareholder acceptance, ensuring a smoother path toward privatization.
The move underscores the family’s strategy to consolidate its real estate holdings and strengthen its position within Indonesia’s growing property sector.
