According to a March 27 bourse filing, the offeror, Lyon Investments, includes executive chairman Franky Oesman Widjaja, CEO Muktar Widjaja and Margaretha Natalia Widjaja among its directors.
Shares in Sinarmas Land (SGX:A26
) opened 4.5 cents higher, or 16% up, at 32 cents on March 28, after the billionaire Indonesian Widjaja family made an offer to privatise the mainboard-listed company for 31 cents per share after trading hours on March 27.
Shares in Sinarmas Land reached a high of 34 cents within the first hour of trading, above its 52-week high of 33.5 cents. As at 9.45am, shares in Sinarmas Land are trading at 33 cents.
