TGL to purchase 71.52% share in PT Suryamas Dutamakmur TBK for S$152.9m

Acquisition gives access to Indonesian property market.

The Board of Directors (the “Board”) of Top Global Limited (TGL) announced that TGL has today entered into a conditional sale and purchase agreement with Asia Capital Holding Limited, PT. Surya Pembangunan Utama, PT. Niaganusa Indomakmur and Alera Financial Corp. and Madam Sukmawati Widjaja, pursuant to which the Sellers have agreed to sell, and TGL has agreed to purchase, 3,412,821,351 ordinary shares in the capital of PT. Suryamas Dutamakmur, Tbk. representing approximately 71.52 per cent. equity interest.

The consideration for the Acquisition will be satisfied by the allotment and issuance of 13,000,000,000 ordinary shares in the capital of TGL and 5,000,000,000 options issued by TGL which entitle the holder thereof to subscribe for new ordinary shares in the capital of TGL at an exercise price of S$0.008 to Mdm Sukmawati (“Consideration”). The aggregate value of the Consideration given for the Acquisition is deemed, for the purposes of Chapter 10 of the SGX-ST Listing Manual and this Announcement, to be approximately S$152,951,535.

TGL said the acquisition will open up opportunities in the rapidly expanding Indonesian property market.

"Indonesia is one of the fastest growing countries in the region with a large population base. The Acquisition will allow TGL immediate access to the Indonesian property market and enhance its vision to be a leading property developer in the region. The Acquisition will also provide additional sources of revenue and diversify TGL’s existing business. The increased economies of scale are also likely to generate improvements in operational efficiency," said TGL.