In today’s briefing:
- Sinarmas Land (SML SP): Widjaja Family’s Light Voluntary Unconditional Offer
- Keppel Infrastructure Trust (KIT) – An Erosion of Trust
- Higher Returns, Lower Volume In Year Beginning For Vietnam Rubber
Sinarmas Land (SML SP): Widjaja Family’s Light Voluntary Unconditional Offer
- Sinarmas Land (SML SP) has disclosed a voluntary unconditional offer from the Widjaja family at S$0.31 per share, a 12.7% premium to the undisturbed price of S$0.275 (24 March).
- The offer is unattractive compared to historical trading ranges and implies a 74.0% discount to the last reported NAV per share of S$1.191 (30 June 2024).
- The offer has not been declared final. As the Widjaja family aims to privatise Sinarmas, a bump is likely to secure the required minority acceptances.
Keppel Infrastructure Trust (KIT) – An Erosion of Trust
- Incentives drive behavior. Designing a good fee structure is paramount in managing potential conflicts of interests.
- This is all the more important in Singapore’s REIT and Business Trust sector, where the use of external manager and Trustee Manager is the norm.
- This is in sharp contrast to all for profit companies, where internal management teams manage the businesses for the benefit of all (or most) shareholders.
Higher Returns, Lower Volume In Year Beginning For Vietnam Rubber
- Rubber worth US$341 million exported in January 2025
- Companies initiate moves to cash in on higher rubber prices
- Tariff war may come to Vietnam’s advantage
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