In today’s briefing:
- Amara (AMA SP): Teo Family Reloads At S$0.895/Share
- Sinarmas Land: Bumping Fades Despite IFA Opining Not Fair
- Amara Holdings (AMA SP): Conditional VGO at S$0.895
- Vietnam Rubber Export Returns Up, But Products Suffer In Feb
- REIT Watch – S-REITs rebound from early April sell-off
Amara (AMA SP): Teo Family Reloads At S$0.895/Share
- Amara Holdings (AMA SP), a property/hotel play, has announced a best-and-final conditional S$0.895/share cash Offer, a 27% to undisturbed and a lifetime high, from the controlling Teo family.
- If Amara sounds familiar, in November 2023, the family launched a best-and-final unconditional cash Offer at S$0.60/share as discussed in Amara (AMA SP): Teo Family’s Lifetime High Offer.
- This new Offer has a 90% acceptance condition. Irrevocables tally 90.58%. Done and done.
Sinarmas Land: Bumping Fades Despite IFA Opining Not Fair
- Back on 27th March, the family trust of the Widjaja Family made a voluntary unconditional general Offer for the 29.7% in Sinarmas Land (SML SP) not held.
- Pricing was uninspiring: the S$0.31 cash Offer (not final) for the (mainly) Indo property play was a 12.9% premium to undisturbed; and a 73.9% discount to the 1H24 S$1.19/share NAV.
- The IFA agreed and said “Not Fair but Reasonable”, with an estimated fair value range of S$0.350 to S$0.361/share. This (still) needs a bump. But that is looking less likely.
Amara Holdings (AMA SP): Conditional VGO at S$0.895
- Amara Holdings (AMA SP) has disclosed a voluntary conditional offer from a three-member consortium at S$0.895 per share, a 27.0% premium to the last close price.
- Irrevocables, including from the 2023 VGO offeror, represent 90.58% of the outstanding shares, ensuring that the 90% minimum acceptance condition will be satisfied and the offer will be declared unconditional.
- The offer price is final. The offer is attractive and represents an all-time high, and is 49.2% above the 2023 VGO price.
Vietnam Rubber Export Returns Up, But Products Suffer In Feb
- Rubber products exports to the US falls 4.99% MoM in Feb
- Product exports to China surge by 143.22% MoM in Feb
- Rubber exports value in Feb soar to US$225.71 million
REIT Watch – S-REITs rebound from early April sell-off
- From April 14 to 24, top 10 iEdge S-REIT index performers received S$23.3 million in net institutional inflows.
- Institutional investors net sold S$36.6 million in S-REITs from April 14 to 24, totaling S$465.1 million in outflows year-to-date.
- Retail investors net sold S$64.4 million in S-REITs from April 14 to 24, with year-to-date net inflows of S$261.9 million.
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