Top Global's concert parties raise stake to 87.3%

TOP Global's executive director and controlling shareholder Sukmawati Widjaja acquired nearly 1.2 million shares of the company at S$0.39 apiece on Monday.

The offer was made through Mdm Sukmawati's investment holding company SW Investment Holding with the intention to exercise its rights of compulsory acquisition and subsequently delist Top Global from the Singapore Exchange.

Mdm Sukmawati is a director of SW Investment Holding together with her son, Hano Maeloa. After the acquisition of 1,174,100 Top Global shares, they own shares amounting to 87.3 per cent of Top Global as at May 3, from about 87 per cent previously.

Mr Maeloa owns 0.2 per cent of the shares while the deal increased Mdm Sukmawati's stake in Top Global to 87.1 per cent.

In a series of acquisitions, Mdm Sukmawati had increased her interest in Top Global from 77.4 per cent prior to March 10.

Top Global's shares closed 1.3 per cent or half a Singapore cent higher at 39 cents on Monday.