China Dalian Wanda Sells Shanghai 7-Star Hotel Wanda Reign on the Bund Hotel to Indonesia Billionaire Sukanto Tanoto Singapore-Based Family Office Pacific Eagle, Reported Selling Price Between $204 Million to $234 Million
4th January 2024 | Hong Kong
China Dalian Wanda has sold its Shanghai 7-star hotel Wanda Reign on the Bund Hotel to Indonesia billionaire Sukanto Tanoto Singapore-based family office Pacific Eagle (RGE Group), with the reported selling price to be between $204 million to $234 million (CNY 1.44 billion to CNY 1.66 billion). China Dalian Wanda had acquired the land in 2011 and opened the hotel in 2016. In December 2023, Dalian Wanda reached a new agreement with existing shareholders with new & existing shareholders including private equity PAG, Ant Group, Country Garden to own 60% and Dalian Wanda to own 40% of Zhuhai Wanda Commercial Management. (Country Garden has reached a separate agreement to sell its 1.79% shareholding to Dalian Wanda for $428 million / HKD 3.07 billion and to receive 3 payments by 2024 March). The original agreement was $4.4 billion to be repaid to pre-IPO investors by end of 2023 if IPO fails. In June 2023, Dalian Wanda had applied for a Hong Kong IPO (Initial Public Offering) for the 4th time for Zhuhai Wanda Commercial Management. Dalian Wanda had owned 69.66% of Zhuhai Wanda Commercial Management. For the last 3 years, Zhuhai Wanda Commercial Management had exceeded the performance goals, with net profit for 2023 increasing +27% to $1.3 billion & revenue increasing +8% to $4.1 billion. Dalian Wanda is founded by Chairman Wang Jianlin in 1988, and is one of the world’s leading real estate company, leading film company, leading sports company and leading children’s entertainment company. In December 2023, Indonesian billionaire Sukanto Tanoto’s Royal Golden Eagle (RGE) made an offer to buy Hong Kong tissue & diaper maker Vinda International for $3.35 billion (HKD 26.13 billion), with Vinda founder Li Chao & Sweden’s Essity with combined 72.63% shareholding accepting the offer.
“ China Dalian Wanda Sells Shanghai 7-Star Hotel Wanda Reign on the Bund Hotel to Indonesia Billionaire Sukanto Tanoto Singapore-Based Family Office Pacific Eagle RGE Group, Reported Selling Price Between $204 Million to $234 Million “
China Dalian Wanda Sells Shanghai 7-Star Hotel Wanda Reign on the Bund Hotel to Indonesia Billionaire Sukanto Tanoto Singapore-Based Family Office Pacific Eagle, Reported Selling Price Between $204 Million to $234 Million
Indonesian Billionaire Sukanto Tanoto Royal Golden Eagle Makes Offer to Buy Hong Kong Tissue & Diaper Maker Vinda International for $3.35 Billion, Vinda Founder Li Chao & Sweden Essity with 72.63% Shareholding Have Accepted the Offer, Sukanto Tanoto Daughter Belinda Tanoto Had Acquired 7% of Vinda International via Beaumont Capital Fund in October 2023
16th December 2023 – Indonesian billionaire Sukanto Tanoto’s Royal Golden Eagle (RGE) has made an offer to buy Hong Kong tissue & diaper maker Vinda International for $3.35 billion (HKD 26.13 billion), with Vinda founder Li Chao & Sweden’s Essity with combined 72.63% shareholding accepting the offer. In October 2023, Sukanto Tanoto’s daughter Belinda Tanoto (RGE Managing Director) had acquired 7% of Vinda International via Beaumont Capital Fund. Royal Golden Eagle (RGE): “Subject to the satisfaction or waiver of certain pre-conditions, Isola Castle Ltd, a member of the RGE-managed group of companies, will make an offer to acquire all the issued shares in Vinda International Holdings Limited (Vinda) at HK$23.50 per share, other than 92,538,100 shares (representing 7.69% of the issued share capital of Vinda) already owned by Beaumont Capital Fund Ltd. The Offer Price of HK$23.50 per share is at a premium of approximately: 1) 149.78% over the unaudited consolidated net asset value of approximately HK$9.41 per Share, based on the unaudited consolidated net assets of Vinda as at 30 June 2023 based on the number of Shares in issue as at the date of this announcement, 2) 22.12% over the average of the closing prices of the Shares as quoted on the HongKong Stock Exchange for the 60 trading days up to and including the Last Trading Day of HK$19.24 per Share. The two largest Shareholders, Essity GH and Mr. Li, representing approximately 72.63% of the issued share capital of Vinda as at the date of this announcement, have irrevocably undertaken to accept the Offer. The Offer will allow shareholders an opportunity to realise all of their holdings in Vinda at an attractive premium over the market price of the shares for cash. RGE has no plans to make any major changes to the current business operations of Vinda, or to introduce any major changes in the management or the employees as a result of the Offer.” Headquartered in Singapore, Royal Golden Eagle (RGE) are global industry leaders across a range of sectors in the bioeconomy and in transition and renewable energy. The group operates one of the largest, most technologically advanced and efficient makers of pulp and paper products, including its flagship product PaperOneTM. BNP Paribas and CICC have been appointed as joint financial advisers to the Offeror in respect of the Offer.
Belinda Tanoto, Managing Director, RGE: “RGE is a leading global player in the pulp, paper and tissue business. Vinda’s vision is to be Asia’s first choice for high quality hygiene products and services. RGE continues to leverage on Asia’s consumer growth story, and build a stronger, more efficient and more sustainable business.”
Indonesian Billionaire Sukanto Tanoto Royal Golden Eagle Makes Offer to Buy Hong Kong Tissue & Diaper Maker Vinda International for $3.35 Billion
Vinda
Founded in 1985, Vinda is committed to the philosophy of “Healthy Lifestyle Starts with Vinda” and has striven to provide high quality hygiene products and services. Today, Vinda’s core business segments Includes tissue, incontinence care, feminine care, baby care and professional hygiene solution under key brands Vinda, Tempo, Tork, TENA, Dr. P, Libresse薇尔, Libero and Drypers. Vinda has a total of 13 state-of-the-art production bases (10 in mainland China, 1 in Taiwan China, 2 in Malaysia).
About Royal Golden Eagle (RGE)
Headquartered in Singapore, RGE is a group of resource-based manufacturing companies with global operations. We produce sustainable natural fibres, edible oils, green packaging and clean natural gas used to create products that feed, clothe and energise the world. We help improve billions of peoples’ lives through sustainable products they use every day. With more than US$35 billion in assets and 70,000 employees, we are creating a more recyclable, biodegradable and lower carbon future. Committed to sustainable development, conservation and community development, we strive towards what is good for the community, good for the country, good for the climate, good for the customer, and good for the company. With current operations spanning across Indonesia, China, Brazil, Spain and Canada, we continue to expand and engage new markets.
Sukanto Tanoto, Founder and Chairman of RGE
Sukanto Tanoto is the Founder and Chairman of RGE. Mr. Tanoto started his first business in 1967 as a supplier of spare parts and construction contractor to the oil industry. In 1973, the visionary entrepreneur founded RGE as a plywood business. RGE has since progressed from being a local-only player to become a truly global one. Today, its business groups are at the forefront of industries such as pulp and paper (APRIL and Asia Symbol), palm oil (Asian Agri and Apical), viscose staple fiber (Sateri and Asia Pacific Rayon), specialty cellulose (Bracell), and energy development (Pacific Oil & Gas),with operations spanning Indonesia, China, Brazil, Canada, Spain and sales offices in more countries worldwide.
RGE’s businesses operate on Mr. Tanoto’s 5 C’s philosophy of doing what is good for the Community, Country, Climate and Customer, and only then will it be good for the Company. Believing that everyone should have the opportunity to realise his or her potential, Sukanto Tanoto and his family started the Tanoto Foundation in 1981. The Foundation seeks to harness the transformative strength of education to help people realise their full potential and to improve lives by focusing on driving impact in three areas: Education, leadership development, as well as medical research and sciences.
Mr. Tanoto is a member of the INSEAD International Council, the Wharton Board of Overseers and various other educational, community and industry bodies. He is a recipient of the Wharton School Dean’s Medal Award, which recognises individuals for their contributions to the enlargement of the global economy and to the improvement of lives worldwide.
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