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Monday, November 16, 2009

TA Global plans to include HK or Singapore listing?

TA GLOBAL Bhd, en route to a listing on the Main Market of Bursa Malaysia, has lined up a series of plans for next year, including a possible dual listing abroad.

It is learnt that shareholders are looking to list the company either in Singapore or Hong Kong, a year after its local debut, to build up the brand internationally.

TA Global is due to list on Bursa Malaysia on the 23rd of this month.

Its parent, TA Enterprise Bhd (TAE), aims to raise RM230 million from the listing. TAE has folded all its property assets into TA Global to "unlock the hidden value".

"TA Global will be taken global. In future, it will have a presence in the US, Asia-Pacific starting with Singapore, and Europe, targeting the UK first. It will develop luxury properties and buy hotels," a source told Business Times.
At present, TA Global is focused on Malaysia, Australia and Canada.

On the home front, it has lined up some RM7 billion worth of property development projects to be launched over the next two years.

They include Dutamas in Mont'Kiara, U-Thant 28 in Ampang, Seri Suria in Sri Damansara, Nova Square and two 50-storey residences near the Petronas Twin Towers in Kuala Lumpur City Centre.

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. It is in the process of buying the Swissotel Merchant Court hotel in Singapore for S$260 million (RM632 million).

The source also said that TA Global was poised to launch a mixed development comprising luxury apartments, office towers and a hotel in Canada in 2010/11.

TA Global director and co-founder and TAE managing director Datin Alicia Tiah confirmed the plans for Canada, but declined to elaborate.

"We are looking at it. We have the landbank ready, but we want to wait for the right time to launch," she told Business Times at TA Global's prospectus launch in Kuala Lumpur in October.

Tiah had said she was looking to build TA Global's hospitality and property investment business by taking it global.

The plan includes buying four- to six-star hotels below market value and raising the company's image.

"It is still a good time to buy as prices are low. Locally, we hope to have a hotel in Penang and Malacca. We may build the hotels on our own or take over existing buildings."

TA Global, with RM2.4 billion of assets, was also eyeing hotels in international gateway cities like London and New York, Tiah said.

By Business Times (by Sharen Kaur)

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