TA Global shareholders agree to Aussie deal
PETALING JAYA: TA Global Bhd shareholders unanimously approved the A$245 million (RM762 million) sale of its 9.83ha land in Australia yesterday, as the company planned to maximise its asset monetisation initiative.
Three months ago, TA Global had entered into a put and call option with Karimbla Properties Pty Ltd for the sale of the Little Bay Cove project.
Karimbla Properties Pty Ltd is a unit of Meriton Properties Pty Ltd, Australia’s largest residential apartment developer.
“We estimate the sale to be completed in January 2018. Proceeds from this sale will go towards repaying some of our borrowings,” said TA Global chief executive officer Tiah Joo Kim.
“We plan to repay A$180 million in bank borrowings. By then, our overall gearing will reduce from 0.85 times to 0.61, a level we would be comfortable with,” he said after the company’s shareholders meeting, here, yesterday. Also present was TA Global executive director Kimmy Khoo.
It was reported that effective November 1 this year, Dewan Bandaraya Kuala Lumpur (DBKL) had stopped approvals for the development of shopping complexes, offices, serviced apartments and luxury condominiums priced over RM1 million.
“I believe this new ruling by DBKL is still being finalised as discussions are still ongoing. Anyway, we’re launching two prime projects next year, of which we have already secured the building permits. So, these projects are good to go,” said Tiah.
By the second quarter of next year, TA Global planned to launch two residential towers in Dutamas near Publika Mall, and the TA3 & TA4 skyscrapers at Kuala Lumpur City Centre.
The gross development value of the Dutamas project is RM482 million while the TA3 & TA4 skyscrapers amounted to RM2.15 billion, respectively. Ooi Tee Ching