Top Global 'still evaluating' options to purchase office-retail units from Allied Tech director

the Allied Tech director reportedly made a quick flip of a parcel of office and retail space in Thong Teck Building, selling it to Top Global for $129.5 million.
the Allied Tech director reportedly made a quick flip of a parcel of office and retail space in Thong Teck Building, selling it to Top Global for $129.5 million.PHOTO: GOOGLE MAPS

SINGAPORE - In a bourse filing during Wednesday’s midday break, mainboard-listed property group Top Global confirmed that it has been granted options to purchase strata units within Thong Teck Building.

The Business Times had earlier reported that Kenneth Low Si Ren, the executive director of Allied Technologies, is selling a parcel of office and retail space to Top Global for $129.5 million.

Top Global said in the Wednesday filing that it is “still evaluating the market conditions” in relation to the options, which are non-binding and were granted by the entities that own the properties.

BT understands that Top Global is buying the properties from entities that Mr Low is believed to have taken control of early last month from RSP Architects Planners and Engineers founder Albert Hong.

On the same day that Mr Low took control of the units, they granted a purchase option to Top Global, which is helmed by Sukmawati Widjaja.

The transaction involves about 28,360 sq ft office space on four levels of the nine-level Thong Teck Building along Scotts Road priced at about $100.2 million, and some 6,440 sq ft of retail space on the ground level priced at about $29.35 million, BT reported.

Top Global had requested a trading halt, “pending release of an announcement”, on Wednesday morning after the market opened. It then requested at 12.38pm for the trading halt to be lifted, after having filed the clarification on the options.

Top Global shares last changed hands at $0.184 on Monday.

Mr Low is one of three directors of Allied Tech recently asked to recuse themselves from all decisions and recommendations of the board. They are also not to act as signatories to the accounts of the Catalist-listed precision engineering group. The company's Nominating Committee made the decision citing conflicts of interest.

 

According to a regulatory filing by Allied Tech over the weekend, Mr Low was involved in transactions relating to Asia Box Office - an event ticketing solutions provider that Allied Tech acquired in April 2018 - and Platform Capital Asia (Singapore).

Mr Low owns 100 per cent of Platform Capital Asia (Singapore), which owns the transacted Thong Teck properties indirectly through various units.

Allied Tech recently made the headlines after $33 million it placed in escrow with law firm JLC Advisors went missing.

Top Global shares last changed hands on Monday at $0.184.