SIAS raises issue over Top Global's acquisition

CERTAIN minority shareholders of Top Global Ltd, a mainboard-listed property developer, have raised concerns about an interested- party transaction, according to the Securities Investors Association Singapore (SIAS).

This transaction involves an Indonesia-based property developer, PT Suryamas Dutamakmur Tbk, in which Top Global had inked a deal to acquire a 71.52 per cent stake, or 3.4 billion shares, late last year.

It was to buy this from a group of companies held by Top Global's executive chairman and majority shareholder Sukmawati Widjaja, a prominent Indonesian businesswoman, for some S$153 million.