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Monday, November 23, 2009

TA Global opens at par in market debut

TA Global Bhd made its maiden debut on Bursa Malaysia today but opened at par with its offer price of 50 sen with 2.96 million shares changing hands at the opening bell.

Non-Executive Director Datin Alicia Tiah said the opening price was within the group's expectation.

"We are confident the stock has much greater value than its current trading price. It is not reflective of the true value of the company," she said after the company's listing today.

As of mid-day, the share price slipped to below par at 48.5 sen and stay unchanged as at 3.45pm.
Under the IPO, the company offered 460 million shares of 50 sen each, or 12.78 per cent of the company's enlarged issued and paid-up share capital of 3.6 billion shares and 1.2 billion irredeemable convertible preference shares (ICPS).

Businesses under TA Global include hotel operations, property management, construction, property investment and property development.

Upon listing, Alicia said TA Global would look for more joint venture projects in the domestic and international market.

"We already have presence in Canada and Australia. We believe we have enough local knowledge to become a successful property development group.

"TA Global is looking at strengthening our presence there with more joint ventures in property development. We want to invest further in Canada and Australia," she added.

Currently, in Canada, TA Global owns Terasen Centre, a triple A office building, and the four-star Aava Whistler Hotel. In Australia, it owns the five-star Radisson Plaza in Sydney and the Westin Melbourne.

TA Global aims to launch an office tower and service apartment project in Sri Damansara, condominium development in Ampang and residential development in Mont'Kiara.

Alicia said the company was planning to launch the first phase of the shop office project by the second quarter or third quarter of 2010.

The office tower and serviced apartment project in Sri Damanara, with a gross development value of RM517 million and RM218 million, respectively, is expected to be launched by May and September next year.

Meanwhile, the 106.5 million low-rise condominium project in U-Thant will be launched in October while Phase 1 of the residential development in Mont'Kiara is scheduled for launch by November.

By Bernama

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