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Friday, March 12, 2010

TA to sell S’pore hotel to unit

PETALING JAYA: TA Enterprise Bhd (TAE) has proposed to dispose of a 100%-owned four-star hotel in Singapore to its property arm TA Global Bhd for shares in a deal worth RM651.78mil.

Under the deal, TA Gobal will assume RM398.6mil worth of loans obtained by TAE as part of the purchase consideration.

The final purchase amount of RM253.18mil will be settled via the issuance of 506.36 million new shares in TA Global at 50 sen each to TAE.

“The proposed disposal would enable TAE to streamline its two main core businesses – financial services and property and hospitality division,” it said.

TAE group had, in October 2009, completed its reorganisation exercise which led to the listing of TA Global.

By The Star

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