Adijanto family made an offer to acquire Global Palm Resources Holdings Limited (SGX:BLW) from GPR Investment Holdings Limited and others for SGD 62.3 million on March 29, 2023. The offer price is SGD 0.25 in cash per share. The offeror does not intend to make major changes to the business of Global Palm Resources or its management team or discontinue the employment of the employees. GPR has given irrevocable understanding in lieu of their holding stake. The offer will be conditional upon the offeror having received valid of more than 50% stake in Global Palm Resources. The offer is unconditional in all other respects. As of April 27, 2023, the offer has received valid acceptance and has declared unconditional in all respects. As per the announcement of April 27, 2023, the Closing Date is extended from May 17, 2023 to May 31, 2023. The offeror will have a compulsory acquisition right upon acceptance of 90% of the shares. As of May 8, 2023, Securities Investors Association calls upon minority shareholders of Global Palm Resources (GPR) to reject the privatisation offer of SGD 0.25 per share and for the offeror to revise the price upward. As of May 12, 2023, valid acceptances of the Offer have been received. . The Offeror intends to exercise its right of compulsory acquisition pursuant to Section 215(1) of the Companies Act to acquire all the Shares held by the Dissenting Shareholders on or after June 26, 2023. The offer is expected to expire on May 17, 2023.

W Capital Markets Pte. Ltd. acted as the financial adviser to the offeror. Boardroom Corporate & Advisory Services Pte. Ltd. acted as registrar and W Capital Markets Pte Ltd acted as financial advisor for Global Palm Resources Holdings Limited. Provenance Capital Pte. Ltd. acted as legal advisor and Boardroom Corporate & Advisory Services Pte. Ltd. acted as registrar to the offer.

Adijanto family completed the offer to acquire Global Palm Resources Holdings Limited (SGX:BLW) from GPR Investment Holdings Limited and others on May 31, 2023. As at close of the offer on May 31, 2023, Adijanto family and the concert parties received valid acceptances in respect of 232,229,525 shares, representing 93.14% of the issued shares of Global Palm Resources Holdings. On June 21, 2023, Singapore Exchange Regulation Pte. Ltd. gave its approval for delisting of Global Palm Resources Holdings from the SGX-ST. The Offeror intends to exercise its right of compulsory acquisition to acquire all the shares held by the Dissenting Shareholders on or after June 26, 2023. As of July 4, 2023, squeeze out has been completed.