SINGAPORE: Following the acquisition of 49% equity interest in P.T. Titian Damai Mandiri (TDM) on 31 January 2019; Tuan Sing Holdings Limited, through its indirect wholly-owned subsidiary, Lachenalia Pte. Ltd., has acquired the balance of 51% equity interest in TDM from P.T. Graha Baru Khatulistiwa.
TDM is a company incorporated in Indonesia with an issued capital of 35,000 shares at a nominal value per share of Indonesian rupiah (Rp) 1 .0 million.
TDM holds a land allocation letter from the Batam Authorities, granting TDM the rights to acquire 40 hectares land in Marina City, Batam.
The 51% equity interest comprising 17,850 shares was acquired at a cash consideration of Rp 26.010 billion or approximately S$2.41 million.
Following the acquisition, TDM becomes an indirect wholly-owned subsidiary
of Tuan Sing Holdings.
The consideration was arrived at on a “willing-buyer, willing-seller” basis after arm’s length negotiations, taking into account the net book value of TDM, adjusted by the RNAV of the TDM shares reflective of the market value of the Land supported by a valuation report issued by Wiseso Saladin & Rekan in association with Jones Lang LasSalle (JLL) a public
valuer registered in Indonesia appointed by the Company, in its valuation report dated 29 January 2019, valuing the land at Rp 52.856 billion and the consideration would be funded by internal resources.
Upon completion of the Acquisition, the company through TDM and P.T. Goodworth Investments (the Company’s 98% subsidiary) holds a total of 125 hectares of land in Marina
City, Batam, Indonesia.[the_ad id=”31605″]