Asset Acquisitions and Disposals::COMPLETION OF PROPOSED ACQUISITION OF 91.99% OF THE ISSUED SHARES IN PT SURYAMAS DUTAMAKMUR TBK

Issuer & Securities

Issuer/ Manager
SINARMAS LAND LIMITED
Securities
SINARMAS LAND LIMITED - SG1E97853881 - A26
Stapled Security
No

Announcement Details

Announcement Title
Asset Acquisitions and Disposals
Date &Time of Broadcast
24-Oct-2024 20:07:07
Status
New
Announcement Sub Title
COMPLETION OF PROPOSED ACQUISITION OF 91.99% OF THE ISSUED SHARES IN PT SURYAMAS DUTAMAKMUR TBK
Announcement Reference
SG241024OTHR6VT1
Submitted By (Co./ Ind. Name)
Kimberley Lye Chor Mei
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
1. INTRODUCTION

1.1 The board of directors ("Board") of Sinarmas Land Limited (the "Company" and together with its subsidiaries, the "Group") refers to (a) the Company's announcement dated 1 August 2024 and (b) the circular to shareholders of the Company ("Shareholders") dated 2 October 2024, in relation to the proposed acquisition of up to 100% of the issued shares of PT Suryamas Dutamakmur Tbk ("SMDM") by PT Bumi Serpong Damai Tbk ("Purchaser"), a subsidiary of the Company listed on the Indonesia Stock Exchange, as a major transaction which comprises (i) acquisition of 91.99% of the issued shares of SMDM from Top Global Limited for S$195,190,017 as an interested person transaction ("Proposed Acquisition"); and (ii) acquisition of up to 8.01% of the issued shares of SMDM from public shareholders of SMDM for up to IDR equivalent of S$16,984,914 pursuant to mandatory tender offer ("MTO") (collectively, "Proposed Transaction").

1.2 The Proposed Transaction was approved by Shareholders at the extraordinary general meeting of the Company held on 18 October 2024.

2. COMPLETION OF THE PROPOSED ACQUISITION

2.1 The Board is pleased to announce that the Proposed Acquisition was completed on 23 October 2024, following which the Purchaser is the legal and beneficial owner of 4,390,121,595 ordinary shares representing 91.99% of the issued shares of SMDM, and SMDM has become a subsidiary of the Group.

2.2 The Company will update Shareholders as and when there is material development regarding the MTO.

Please also see attached release(s) by the Purchaser relating to completion of the Proposed Acquisition.



By Order of the Board


Robin Ng Cheng Jiet
Director
24 October 2024

Attachments

096.IR-CS.BSD.X.2024.pdf
097.IR-CS.BSD.X.2024.pdf
098.IR-CS.BSD.X.2024.pdf
Total size =1450K