DRC Investments has already secured 90.58% of all Amara Holdings shares. The firm consists of Shorea HwaHong Newfields, a VCC backed by Hwa Hong Corporation and the Newfields group of companies; Winteam Investment, a unit of Wing Tai Holdings (SGX:W05
) Limited and Albertsons Capital, whose shareholders are Albert Teo, Amara's chairman, executive director and CEO, and Dawn Teo, Amara's chief operating officer. The three parties own 35%; 35% and 30% respectively of DRC Investments.
Amara Holdings has appointed W Capital Markets as the independent financial adviser (IFA) overseeing the voluntary conditional cash offer by DRC Investments for $514.6 million.
On Apr 28, DRC Investments, which is an entity backed by several parties including the Teo family controlling Amara Holdings (SGX:A34) , offered 89.5 cents per share to take the property and hospitality firm private.
