Teo family, Dymon Asia consortium extend offer to take Amara private to Jan 16

SINGAPORE – Amara Holdings announced in a bourse filing on Jan 2 that the closing date for a voluntary unconditional cash offer for the company has been extended from 5.30pm on Jan 2 to the same time two weeks later on Jan 16, 2024.

The offerer – a special purpose vehicle called Amethyst Assets linked to Mr Albert Teo, the hotel group’s chief executive, other members of his family and private equity investor Dymon Asia – made a final cash offer of 60 cents per share to Amara’s shareholders on Nov 14, 2023.

The total number of shares owned, controlled or agreed to be acquired by Amethyst Assets and its concert parties, as well as valid acceptances of the offer, amounts to an aggregate of 501,968,631, representing approximately 87.3 per cent of the total number of shares.

As at 6pm on Jan 2, Amethyst Assets had received valid acceptances amounting to 412,431,741 shares, or approximately 71.73 per cent of the total number of shares in Amara.

This includes acceptances received from concert parties, in respect of an aggregate of 351,238,510 shares, representing approximately 61.09 per cent of the total shares.

As at the holding announcement date, concert parties collectively owned or controlled an aggregate of 421,281,500 shares, representing approximately 73.27 per cent of the total number of shares. The offerer did not hold any shares.

Between the holding announcement date and 6pm on Jan 2, Mr Teo Kheng Chuan acquired an aggregate of 80,000 shares, representing approximately 0.01 per cent of the total number of shares, on the Singapore Exchange.

The offerer also acquired an aggregate of 19,433,900 shares on the bourse, representing approximately 3.38 per cent of the total number of shares.

Amethyst Assets and its concert parties have not acquired or agreed to acquire any other shares, other than pursuant to valid acceptances of the offer.

Shares of Amara closed flat at 60 cents on Jan 2.

THE BUSINESS TIMES