Top Global offeror secures 92.8% acceptances; concert parties' stake now 93.3%

Michelle Zhu

Published Fri, Jun 4, 2021 · 08:26 AM

TOP Global's executive director and controlling shareholder Sukmawati Widjaja, together with her investment vehicle SW Investment Holding, now control 93.3 per cent of the company, comprising 299.9 million of its shares.

This comes after the vehicle received valid acceptances of 92.8 per cent of its offer for the company as at 6pm on June 3, announced Top Global in a late-night filing on Thursday.

It includes acceptances received from the offeror's concert parties, which amount to 88.6 per cent of the company or some 284.7 million shares.

Mdm Sukmawati, who also goes by Oei Su Hoa, is a director of SW Investment Holding together with her son Hano Maeloa. As at June 3, they have tendered 284.1 million shares and 600,000 shares, respectively, in acceptance of the offer.

Mdm Sukmawati on April 30 first made the voluntary conditional cash offer for all the issued and paid-up ordinary shares of the mainboard-listed property group, at S$0.39 apiece through SW Investment Holding. Both Mdm Sukmawati and Mr Maeloa owned shares amounting to 86.96 per cent of Top Global as of then.

Shares of Top Global closed flat at S$0.38 on Thursday, before the announcement.