"Many shareholders have expressed unhappiness on the recent voluntary unconditional cash offer made for Sinarmas Land, which is widely seen to be 'lowball' and therefore exploitative. SIAS shares their view," says David Gerald, founder, president and CEO of SIAS on May 5.
The Securities Investors Association (Singapore), or SIAS, "strongly disagrees" with the advice given by W Capital Markets, the independent financial adviser appointed to weigh in on the privatisation deal of Sinarmas Land (SGX:A26
) .
The retail investors' association says the recommendation by the company's independent directors to minority shareholders to accept the 31 cents per share offer from the controlling Widjaja family is "exploitative".
