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SHARES of Top Global surged on Wednesday after the group's majority owner launched a privatisation bid.
The stock was up 10.5 Singapore cents to 32.5 Singapore cents as at 9.10am.
Top Global's difficulty in selling Singapore residential units within a regulatory timeframe has led executive chairwoman Oei Siu Hoa to launch a privatisation offer to avoid paying penalties. Ms Oei, who also goes by Sukmawati Widjaja, is offering to buy up the rest of the property and education group she does not own 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 issued share capital.