Singapore's Hwa Hong, Wing Tai offer to buy out Amara in $391.4 million deal (updated)

Amara Holdings

28/04/2025 08:57

Adds details, background from paragraph 2 onwards

April 28 (Reuters) - An entity backed by Singapore's Hwa Hong Corporation and Wing Tai WTHS.SI said on Monday it has offered, along with Malaysia's Newfields, to buy Amara Holdings AMRA.SI, valuing the property firm at S$514.6 million ($391.39 million).

Amara shareholders would receive S$0.895 per share in cash, representing a 27% premium over the company's last traded price on April 23.

The entity, called DRC Investments, has already secured approvals from shareholders owning about 90.58% stake in Amara, it said.

DRC Investments is also backed by Amara's Chairman and CEO, Albert Teo, who said the offer was compelling, "especially in the face of macroeconomic uncertainties and the low trading liquidity of Amara’s shares."

Amara principally invests in lifestyle properties, with its portfolio spanning hotels and speciality restaurants across Singapore, Thailand and China.

DRC Investments said its offer price was final and intends to take the firm private, as Amara has not carried out any fundraising from equity markets since listing in 1997, indicating a lack of benefit from being listed.

Hwa Hong and Newfields both invest in commercial real estate, while Wing Tai focuses on lifestyle retail and hospitality management.

($1 = 1.3148 Singapore dollars)

 (Reporting by Nichiket Sunil in Bengaluru; Editing by Janane Venkatraman)

 ((Nichiket.Sunil@thomsonreuters.com;))