Sukmawati Widjaja makes S$0.39 per share offer to privatise Top Global
TOP Global's executive director and controlling shareholder Sukmawati Widjaja on Friday made a voluntary conditional cash offer for all the issued and paid-up ordinary shares of the mainboard-listed property group at S$0.39 apiece.
The offer was made through Mdm Sukmawati's wholly-owned investment holding company SW Investment Holding, with a view to exercising its rights of compulsory acquisition and subsequently delisting Top Global from the Singapore Exchange.
Mdm Sukmawati is a director of SW Investment Holding together with her son, Hano Maeloa. Both own shares amounting to 86.96 per cent of Top Global as of April 30.
Mdm Sukmawati, who also goes by Oei Su Hoa, is the younger sister of prominent investor Oei Hong Leong. She was previously executive chairman of Top Global up until Dec 2, 2019. She also co-founded the family-controlled Sinar Mas Group with her late father, Eka Tjipta Widjaja.
In the offer announcement filed by CIMB on behalf of SW Investment, the bank highlighted that the offer price of S$0.39 represents a 1.3 per cent premium when benchmarked against Top Global's last traded price per share of 38.5 Singapore cents on April 29.
It also represents a 0.3 per cent, 7.4 per cent, 10.2 per cent and 17.8 per cent premium over the volume-weighted average price (VWAP) per share for the one-month, three-month, six-month and twelve-month periods up to and including the last trading day, respectively.
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CIMB said it believes the offer presents shareholders with an opportunity to realise their investment Top Global's shares at a premium over their historical trading prices, without incurring brokerage and other trading costs.
According to CIMB, such an opportunity may not otherwise be possible given the shares' historical thin trading liquidity before Mdm Sukmawati began acquiring Top Global shares - including through an off-market transaction on March 10 where she acquired 26,023,193 shares of the company. At S$0.39 per share, the married deal was "a significant premium to the prevailing market price of the shares" on that date and between March 11 and April 29, noted the bank.
Furthermore, the offerer believes that privatising Top Global would provide it more flexibility to manage the company's business and its subsidiaries, as well as to pursue and implement its business strategies and other options for the group.
The offer is final and will not be revised.
In March 2017, Mdm Sukmawati launched a bid to take Top Global private at the offer price of S$0.33 per share through her private investment vehicle, SW International Holding.
Shares of Top Global last closed at 38.5 Singapore cents on Thursday before the company called for a trading halt pending the latest offer announcement.
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