Amara Holdings Appoints W Capital Markets Independent Financial Adviser Privatisation Offer
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Amara Holdings has announced the appointment of W Capital Markets as the independent financial adviser (IFA) for its voluntary conditional cash offer by DRC Investments. The deal, valued at $514.6 million, was proposed on Apr 28 by DRC Investments – an entity backed by various parties including the Teo family, who controls Amara Holdings.
DRC Investments has already secured 90.58% of all shares in Amara Holdings, making the firm the majority shareholder. It consists of three main parties: Shorea HwaHong Newfields, a VCC backed by Hwa Hong Corporation and the Newfields group of companies; Winteam Investment, a unit of Wing Tai Holdings 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.
W Capital Markets, which is also the IFA for the directors of Sinarmas Land for its proposed privatisation by the Widjaja family, has been appointed to oversee this deal.
In addition, W Capital Markets raised a new round of funds in January, which has brought its valuation up to $42 million from $21 million in its previous fundraising round in 2021.
Amara Holdings, which has been listed since 1997, has not previously raised capital from the equity market. UOB has been appointed as the financial adviser for this deal.
On May 7, shares in Amara Holdings closed at 88.5 cents, remaining flat compared to the previous day’s close.
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