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Business Times
10-06-2025
- Business
- Business Times
Consortium's privatisation offer for Amara closes with 97.74% valid acceptances
[SINGAPORE] The privatisation offer for hotel and property group Amara finally succeeded on Tuesday (Jun 10), with valid acceptances representing 97.74 per cent of the total shares. As at the close of the offer at 5.30 pm on Tuesday, the total number of shares owned, controlled or agreed to be acquired by DRC Investments, together with valid acceptances of the offer, amounted to 562 million shares. DRC, a consortium led by property developer Hwa Hong, will exercise its right to compulsorily acquire all remaining shares at the offer price of S$0.895 a share. Amara will subsequently be delisted from the Singapore Exchange. DRC said it has no intention to preserve the group's listing status and will instead make it a wholly owned subsidiary. DRC is a special-purpose vehicle that is 35 per cent held by a fund sponsored by formerly Singapore-listed Hwa Hong and Malaysia-based Newfields. Another 35 per cent shareholder is a wholly owned subsidiary of local developer Wing Tai. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Albert Teo, Amara's chairman and chief executive officer, and his daughter, chief operating officer Dawn Teo, hold the remaining 30 per cent of DRC. The S$0.895 offer price represents a 27 per cent premium over Amara's closing price of S$0.705 on Apr 23, ahead of the trading halt called by the company the following day. It is also a 33 per cent premium over Amara's net asset value per share as at end-December 2024. In a previous bourse filing, DRC cited low trading liquidity and challenging macroeconomic conditions for Amara's privatisation. This includes a rise in protectionist policies and shifting trade agreements, which could disrupt supply chains and increase costs for businesses. These may result in higher operations costs, squeezing profit margins and affecting long-term growth prospects, it said. 'The offer represents a unique cash exit opportunity for shareholders to liquidate and realise their entire investment at a premium, an option which may not otherwise be readily available due to the low trading liquidity of the shares,' it added. The latest privatisation offer was the second time Amara was the target of a privatisation deal. In 2023, the group received a voluntary cash offer at S$0.60 a share from Amethyst Assets, a consortium linked to Albert Teo, other members of his family and private equity investor Dymon Asia. But the attempt fell short of the 90 per cent threshold for acceptances, at 88.39 per cent in shareholding interest.
Business Times
27-05-2025
- Business
- Business Times
Independent financial adviser deems Amara's takeover offer at S$0.895 a share ‘fair and reasonable'
[SINGAPORE] The independent financial adviser (IFA) appointed for the takeover bid for hotel group Amara has deemed the offer at S$0.895 a share to be 'fair and reasonable'. It has therefore advised the company's directors considered to be independent to recommend shareholders to accept the offer, said the company on Tuesday (May 27) via a bourse filing. In Apr 28 this year, Amara received an offer of S$0.895 per share from a consortium led by property company Hwa Hong, which was formerly listed on the Singapore Exchange. This values the hotel group at about S$514.6 million and represents a premium of 27 per cent over Amara's closing price of S$0.705 on Apr 23 before the company called for a trading halt the following day. Other partners of the consortium include a fund sponsored by Hwa Hong and Malaysia-based Newfields, property company Wing Tai, as well as Albertsons Capital, whose shareholders are Albert Teo, Amara's chairman and chief executive, and his daughter Dawn Teo, Amara's chief operating officer. The consortium has set up a special-purpose vehicle called DRC Investments, with the intention to privatise Amara over low trading liquidity and challenging macroeconomic conditions. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up W Capital was appointed the IFA for the deal on May 7, and Amara lost its free float on May 15, which meant that the Singapore Exchange will be suspending the trading of its shares at the close of the offer on Jun 10, given that less than 10 per cent of the company's shares are now held by the public. The S$0.895 offer price also represents a 42.1 per cent, 44.8 per cent, 46.7 per cent and 48.9 per cent premium over Amara's volume-weighted average price for the one-month, three-month, six-month and 12-month periods up to and including the last traded day, respectively. In a circular issued by Amara on May 27, the company said that the IFA had looked at several factors when determining the offer to be fair and reasonable. The IFA noted that the offer price fell within its estimated range of values between S$0.888 and S$0.959 per share. Amara's share had also never closed above the offer price of S$0.895 before the deal was announced, and is at about a 27 per cent premium of its closing price of S$0.705 on Apr 23. Shares of Amara went up 1.1 per cent or S$0.01 to close at S$0.90 on Tuesday.
Business Times
15-05-2025
- Business
- Business Times
Amara loses free float, trading to be suspended
[SINGAPORE] The mandatory cash offer for hotel group Amara by a consortium led by property company Hwa Hong has turned unconditional. As at 6 pm on Thursday (May 15), the total number of shares owned, controlled or agreed to be acquired by the offeror together with valid acceptances of the offer amounted to 522,529,331 shares, or 90.88 per cent of the total number of shares of Amara. This means that Amara has lost its free float, as less than 10 per cent of the company's shares are now held by the public. The Singapore Exchange will suspend trading of Amara's shares at the close of the offer on Jun 10. The offeror, a special-purpose vehicle called DRC Investments, is able to privatise Amara at the offer price of S$0.895 per share which values the hotel group at about S$514.6 million. A fund sponsored by Hwa Hong and Malaysia-based Newfields holds a 35 per cent stake in DRC Investments. DRC Investments is also 30 per cent owned by Albertsons Capital, whose shareholders are Albert Teo, Amara's chairman and chief executive, and his daughter Dawn Teo, Amara's chief operating officer. Wing Tai's wholly owned subsidiary, Winteam Investment, also holds a 35 per cent stake in the consortium. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The offer represents a premium of 27 per cent over Amara's closing price of S$0.705 on Apr 23 before the company called for a trading halt the following day. The S$0.895 offer price also represents a 42.1 per cent, 44.8 per cent, 46.7 per cent and 48.9 per cent premium over Amara's volume-weighted average price for the one-month, three-month, six-month and 12-month periods up to and including the last traded day, respectively. The offeror intends to make Amara a wholly owned subsidiary, it said on Thursday. The low trading liquidity of Amara's shares was cited as one reason for the offer. The stock had an average trading volume of 21,201 shares over the 12-month period leading up to Apr 23. This represented 0.004 per cent of the company's total issued shares. DRC Investments said in April that Amara was facing a challenging macro and operating environment. The rise in protectionist policies and shifting trade agreements could disrupt supply chains and increase costs for businesses. 'These challenges may result in higher procurement expenses for the group's operations, squeezing profit margins and impacting long-term growth prospects,' it said. Shares of Amara closed flat at S$0.89 on Thursday before the announcement.
The Star
14-05-2025
- The Star
Hope blooms for villagers with Rafflesia trail
KOTA KINABALU: Apart from attracting nature lovers, Sabah's spectacular Rafflesia flower is set to become a symbol of empowerment for rural communities through an initiative that could turn conservation into a sustainable economic opportunity. Conservationist and Borneo Eco Tours managing director Albert Teo has proposed that villagers living near natural Rafflesia sites take the lead in managing and guiding visitors, making the flower a community-led eco-tourism product. He made the proposal during a recent meeting with Assistant Tourism, Culture and Environment Minister Datuk Joniston Bangkuai, adding that the Rafflesia's rarity and brief blooming period make it an exclusive draw for eco-conscious travellers. 'There are already Rafflesia species growing near villages. With basic infrastructure and training, locals could host guided treks and educate visitors while protecting a fragile part of their natural heritage.' Teo also proposed the creation of a Rafflesia Community Alliance, a network of villages with access to known Rafflesia sites, to encourage collaboration and strengthen local ownership. Bangkuai, who is also Sabah Tourism Board chairman, welcomed the proposal and said the state government supports tourism models that engage local communities, particularly when they involve Sabah's natural and cultural heritage. 'Rafflesia has long been a symbol of Sabah's biodiversity. It is time to identify villages that can benefit from this venture while ensuring responsible and sustainable tourism practices.' He added that the state tourism board would explore mapping Rafflesia sites near villages, particularly in Tambunan, Ranau and along the Crocker Range, which are areas already popular for nature-based tourism. 'Empowering locals fosters long-term conservation. When people see value in protecting something, they take ownership. That's how we build sustainability and pride,' Bangkuai said, aligning the idea with Sabah's Culture, Adventure and Nature tourism approach. Sabah is home to three of the world's 15 known Rafflesia species, namely Rafflesia keithii, Rafflesia pricei and Rafflesia tengku-adlinii. The third, the rarest of the trio, is named after Datuk Seri Tengku Zainal Adlin Tengku Mahamood, a key figure in Sabah's tourism and conservation movement.
New Straits Times
13-05-2025
- New Straits Times
Locals could earn from rare Rafflesia bloom visits
KOTA KINABALU: Local communities could lead guided Rafflesia tours and earn income while preserving biodiversity. A tour company managing director Albert Teo said the flower's rarity and brief blooming period make it highly appealing to eco-conscious travellers. "There are already Rafflesia species growing close to kampungs. This is a chance for locals to generate income while protecting a fragile part of their natural heritage." "With basic infrastructure and proper training, communities could host visitors through guided treks, supported by simple facilities like trails and information signage," he said during a meeting with Assistant Tourism, Culture and Environment Minister Datuk Joniston Bangkuai. Teo proposed forming a Rafflesia community alliance to link villages near known Rafflesia sites. Joniston, who is also chairman of the Sabah Tourism Board, welcomed the idea, saying the state supports community-driven tourism, particularly those rooted in nature and culture. "Rafflesia has always been an iconic feature of Sabah's biodiversity. It's time we map out areas where kampungs can responsibly benefit from this rare flower," he said. He said the board could identify existing Rafflesia sites near villages, especially in Tambunan, Ranau and along the Crocker Range. "Empowering locals will promote long-term conservation. When people see value in protecting something, they take ownership of it, and that builds both community pride and sustainability. This is in line with our Culture, Adventure, and Nature (CAN) approach to tourism development," he said. Sabah hosts three of the world's 15 known Rafflesia species: R. keithii, R. pricei and R. tengku-adlinii. Rafflesia keithii is the largest species in Sabah, while R. tengku-adlinii is the rarest, named after Datuk Seri Tengku Zainal Adlin Tengku Mohamood, a key figure in Sabah's tourism and conservation efforts.
