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Tuesday, October 6, 2009

TA unit to buy hotels overseas

KUALA LUMPUR: TA Global Bhd, the property arm of TA Enterprise Bhd, hopes to acquire hotels in London and Vancouver within the current financial year ending Jan 31, 2010.

Datuk Tiah Thee Kian and Datuk Alicia Tiah at the briefing

TA Enterprise executive chairman Datuk Tony Tiah Thee Kian said the company had always been on a lookout for good opportunities and “now is a good time to look at acquisitions”.

“We are looking at hotels in London. It may be a good fit for us. We are also looking at a hotel in Vancouver, by either building one ourselves or on a joint-venture basis,” he told reporters after the company EGM yesterday.

“The criteria is, it should be cheap, well-located and give us a stable income flow. Those with a RM600mil price range are good for the company,” he said.

He added that TA Enterprise only made acquisitions during recessionary periods.

TA Global is slated for a listing on Nov 30. After the listing, TA Enterprise will have a 57.3% stake in TA Global.

According to chief executive officer Datin Alicia Tiah, TA Enterprise’s cash position after the listing of TA Global would be RM230mil, provided all the offer shares were fully subscribed.

“We can do more things with the fund, like nurture start-ups and beef up our corporate finance. These are areas we want to strengthen (our position in),” she said.

On the outlook for TA Enterprise, she said it would depend on the performance of the stock market.

“If the market is rosy, our profits will go up.

“Hong Kong is also giving us a good return on brokerage income, given its proximity to (mainland) China,” she said.

By The Star

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