TA to sell S’pore hotel to unit

Posted on | March 12, 2010

By THE STAR


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.

- Malaysia Real Estate News

You might also like

TA Enterprise buys Westin Melbourne for RM390m By THE STARPETALING JAYA: TA Enterprise Bhd is acquiring the property and business known as The Westin...

Gula Perak plans to sell hotels to settle debts By THE STARPETALING JAYA: Gula Perak Bhd said has proposed to sell two hotels to Hong Kong-based Time...

TA sees jump in hotel earnings By THE STARKUALA LUMPUR: TA Enterprise Bhd expects earnings from its hotel operations to triple next...

Timeframe extension for unit By THE STAR PETALING JAYA: Ho Hup Construction Co Bhd's unit has extended the timeframe for the conditions...