SINGAPORE (March 28): Property group Top Global has received an offer to buy all outstanding shares of the company at 33 cents each in cash from SW International Holding, an investment holding company owned by Oei Siu Hoa @ Sukmawati Widjaja, the executive chairman of the group.

In a press release issued on Tuesday after market close, offeror SW International Holding believes that the offer presents Top Global’s shareholders with a “compelling cash exit opportunity”.

This is given the low trading liquidity of Top Global’s shares as well as the potential Qualifying Certificate (QC) penalties that may be levied on its E Maison and R Maison projects in Singapore should the group remain a listed company “amid deterioration of property market conditions”, it adds.

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