Top Global chairwoman looks to privatisation
Artist’s impression of the pool at Top Global’s R Maison project in Singapore.
Top Global’s Executive Chairwoman, Oei Siu Hoa, has offered to buy up the rest of the company for 33 Singapore cents per share, in a bid to delist and privatise it.
The offer, which was made via investment holding firm SW International Holding, represents a “premium of 65 percent and 66.7 percent above the three-month and six-month volume-weighted average price respectively”. It is also final, with the offeror having no intention to revise the price.
In an SGX filing, Top Global revealed that the offer is “conditional on the offeror receiving acceptances, which would result in the offeror holding at least 90 percent” of the company’s issued shares.
Oei has secured irrevocable undertakings representing around 77.4 percent of the total issued shares of Top Global.
“SW International Holding believes that the offer presents Top Global Limited shareholders with a compelling cash exit opportunity, given the illiquidity of the shares of Top Global Limited and the potential Qualifying Certificate penalties that may be levied on Top Global Limited’s E Maison and R Maison projects in Singapore.”
Separately, four of Top Global’s wholly owned subsidiaries have exercised their options to purchase residential units in The Quinn development from their fellow subsidiary.
To be held as investment properties, the 17 units were purchased from Bartley Homes for $25.29 million.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
