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Tuan Sing to acquire several assets from PT Senimba Bay Resort in Batam for $28 mil

By Ashley Lo

/ The Edge Singapore |

November 19, 2024 10:17 PM SGT

Tuan Sing's William Liem (Photo: Samuel Isaac Chua/The Edge Singapore)

Tuan Sing Holdings, through several of its indirect wholly-owned subsidiaries, has announced its proposed acquisition of six assets from PT Senimba Bay Resort.

These assets include land located at Jalan Raya Marina City in Indonesia and a two-storey Teluk Senimba Ferry Terminal, four hectares of land located adjacent to the ferry terminal, 2.8 hectares of land located at Ocean Park Residential Estate, six units of shophouses located at Marina City shophouse complex, and 15.65% of shares in PT Hean Yi Marina Perkasa.

The purchase consideration for all six assets was $28 million, or approximately IDR330,640 million.

According to the group, the proposed acquisition of the ferry terminal and surrounding land will allow Tuan Sing to benefit from potential growth opportunities in Batam. The acquisitions are also part of the group’s strategy to manage risk and land restrictions, expand its scale and capacity, and add Tuan Sing.

Read also: Tuan Sing to reconstruct mixed-use properties at Collins Street, Melbourne

On a pro forma basis, had the acquisitions been completed on Dec 31, 2023, the group's net tangible asset (NTA) for FY2023 would remain unchanged at $1.2 billion, while NTA per share would have stood unchanged at 98.7 cents.

Had the acquisitions been completed on Jan 1, 2023, the group’s earnings for FY2023 would have stood at $4.5 million instead of $4.8 million. Earnings per share would have stood at 0.36 cents instead of 0.39 cents.

Tags:

Indonesia Batam Tuan Sing Holdings

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