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Top Global Ltd announces proposed acquisition of 71.52 pct equity interest in Pt. Suryamas Dutamakmur, Tbk

Tuesday, 10 Dec 2013 06:39am EST 

Top Global Ltd:Enters into conditional sale and purchase agreement (the agreement) with Asia Capital Holding Limited, PT. Surya Pembangunan Utama, PT. Niaganusa Indomakmur and Alera Financial Corp. (the Sellers) and Madam Sukmawati Widjaja (Mdm Sukmawati).Says pursuant to which the Sellers have agreed to sell, and TGL has agreed to purchase (the acquisition), 3,412,821,351 ordinary shares (Target Shares) in the capital of PT. Suryamas Dutamakmur, Tbk. (the target company).Says it representing about 71.52 pct equity interest (the relevant equity interest) in the target company.Says once the relevant equity interest is legally transferred from the Sellers to the purchaser pursuant to the acquisition, TGL will own a majority interest in the target company.Says target company will be a subsidiary of TGL and a member of the TGL group comprising of TGL and its subsidiaries.Says 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 (Consideration TGL Shares).Says 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 (TGL Options) to Mdm Sukmawati (Consideration).Says the aggregate value of the consideration given for the acquisition is deemed to be about S$152,951,535. 

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