Lyon Investments—controlled by the Widjaja family, among the wealthiest clans in Indonesia—raised its offer price for Sinarmas Land by 21% amid criticism from minority shareholders that the original bid to take the company private was too low.

The latest offer announced on Saturday values Sinarmas Land—which owns some of the prime office buildings in Jakarta including the 48-story Sinarmas MSIG Tower—at about S$1.6 billion ($1.2 billion). As Lyon Investments increased the offer price to S$0.375 each from the original offer price of S$0.31 each that was made in late March, the closing date for the offer has also been extended to May 29, Sinarmas Land said in a regulatory filing.

Even before the improved offer price, Lyon Investments has received valid acceptances equivalent to almost 24% of Sinarmas Land’s outstanding shares, bringing its total holdings to about 94%. Lyon Investments is raising the offer price following criticism from the Securities Investors Association (Singapore), which represents minority shareholders.

“Many shareholders have expressed unhappiness on the recent voluntary unconditional cash offer made for Sinarmas Land which is widely seen to be ‘lowball’ and therefore exploitative,” David Gerald, president of the SIAS, said in a statement on May 5. Gerald said Sinarmas Land had a net asset value of S$0.85 apiece as of December 2024, which means that Lyon Investments’ original offer was at a 64% discount.

Upon completion of the transaction, the Widjaja family’s Lyon Investments plans to delist Sinarmas Land from the Singapore Exchange. One of Indonesia’s biggest real estate companies, Sinarmas Land developed the Plaza Thamrin, comprising 95,648 square meters of premium office space across three buildings in Jakarta. Outside Indonesia, it also has properties in Australia, China, Malaysia, Singapore and the U.K.

With a net worth of $18.9 billion, the Widjaja family ranked No. 4 on Forbes’ list of Indonesia’s 50 Richest that was published in December 2024. Besides real estate, the family’s Sinar Mas group has interests in mining, paper mills, financial services, telecommunications, and agribusiness.