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

Sukmawati Widjaja on April 30 first made the voluntary conditional cash offer for all the issued and paid-up ordinary shares of Top Global. PHOTO: THE BUSINESS TIMES

SINGAPORE (THE BUSINESS TIMES) - 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 mainboard-listed property company as at 6pm on June 3, Top Global announced in a late-night filing on Thursday (June 2).

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 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.

Mdm Sukmawati 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.

They owned shares amounting to 86.96 per cent of Top Global on April 30 when the voluntary conditional cash offer at 39 cents apiece was made through SW Investment Holding.

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

Join ST's Telegram channel and get the latest breaking news delivered to you.