Company Briefs

Top Global plans Indonesian foray

AS PART of its bid to be a regional property developer, Top Global Limited (TGL) is entering the Indonesian property market through a related party transaction. It has proposed to acquire a 71.5 per cent stake in Indonesian property company PT Suryamas Dutamakmur Tbk for a deemed value of about $153 million under a "very substantial acquisition". The vendors of the stake are directly or indirectly controlled by Sukmawati Widjaja, the controlling shareholder of TGL. The deal involves TGL issuing, as consideration, 13 billion ordinary shares and 5 billion options to Mdm Sukmawati. TGL shares closed trading yesterday 12.5 per cent up at 0.9 cent.

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