TA Global revises plan for use of sale proceeds

PETALING JAYA: TA Global Bhd today announced a revision to the utilisation of the A$245 million (RM810.71 million) proceeds from its proposed property disposal in Australia, which will see the abortion of its plan to acquire properties, assets or businesses.
The group told Bursa Malaysia that the working capital for ongoing property development projects will be increased from A$20 million to A$46 million.
The allocation for the repayment of bank borrowings is also higher at A$180 million from A$120 million.
However, there will be no allocation for the acquisition of properties/assets/businesses as planned earlier.
Currently TA Global and its subsidiaries have several ongoing property development projects in Australia and Malaysia.
Last August, TA Global announced that its subsidiary TA Little Bay Pty Ltd had entered into a put and call option deed with Karimbla Properties (No.50) Pty Ltd for the disposal of the 33.6-acre Little Bay Cove Project in New South Wales, Australia for A$245 million.
The project comprises apartments, townhouses, semi-detached and free-standing houses.
At today’s market close, TA Global’s share price was unchanged at 36.5 sen, with some 675,600 shares changing hands.