The offer price is at a premium of 173.4% over the last traded price of $2.63 on March 28.
The offer is also at a similar premium of 178.9% over Isetan Singapore I15 0.00% 's NAV of $2.58 per share
StarHill Global REIT, which owns the remaining 74.23% of Wisma Atria, values the property at $828.3 million as at June 30 2023. Against this background, analysts believe that Isetan Mitsukhoshi Holding is offering a fair price. Isetan's investment properties including a 25.77% stake in Wisma Atria and an industrial property are carried at historical cost less depreciation. As at end-Dec, these properties were valued at $25.79 million.
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However, based on Starhill Global REIT P40U 0.00% 's last valuation as at end-June 2023, Isetan's 25.77% stake could be worth around $256 million, translating into a surpluse of $230.57 million or $5.59 per share. No analyst covers Isetan, but following its announcement a few have made ballpark estimates.
Isetan (Singapore)'s controlling shareholder makes privatisation offer at $7.20 per share
https://www.theedgesingapore.com/news/c ... -720-share