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TOP Global executive chairwoman Oei Siu Hoa is offering to buy up the rest of the property and education group for 33 Singapore cents per share.
Made through private investment vehicle SW International Holding, the offer represents a 50 per cent premium to Top Global's pre-announcement closing price of 22 Singapore cents, and values the company at about S$106 million. The offer is final and will not be revised.
Ms Oei, who is the younger sister of prominent investor Oei Hong Leong, has secured irrevocable undertakings that would take SW's stake to about 77.4 per cent of Top Global's total issue share capital. Ms Oei intends to delist Top Global if she is able to secure a stake of at least 90 per cent.
Reasons cited for wanting to privatise the company include the risk of having to raise additional funds to pay penalties if it is unable to finish selling units in the E Maison and R Maison condominiums before a March 2018 regulatory deadline. The offeror is also seeking to save on listing-related costs and to obtain greater management flexibility.