In response, Wayne Lee, executive chairman of W Capital Markets says that the adopted methodologies in our IFA Letter are consistent with widely accepted industry practice and professional standards in Singapore.
W Capital Markets, the independent financial adviser to the privatisation offer of Sinarmas Land (SGX:A26
) , has defended its work against criticisms from the investors' association.
In its May 5 statement that describes the 31 cents per share offer by the controlling Widjaja family as "exploitative", the Securities Investors Association (Singapore) questions the methods applied by W Capital Markets in forming its view that the offer is "not fair" but "reasonable".
