Thursday 28 Mar 2024
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KUALA LUMPUR (Dec 15): TA Enterprise Bhd (TAE) has received valid acceptances of 5.02 billion offer shares or 94.38% of the total number of issued shares in TA Global Bhd (TAG) on its conditional voluntary offer for shares of the property developer.

The acceptance rate from the property arm TAG was as at 5pm on Dec 14, TAE told Bursa Malaysia in a filing today.

TAE has on Feb 12 announced that it intends to take over TAG via buying the remaining 39.83% stake it does not own in TAG, and will then delist the latter.

Under the proposal, TAG shareholders are given the choice of either a cash offer of 28 sen per existing share held, or a share swap based on an exchange ratio of 0.4211 new ordinary shares in TAE to be issued at 66.5 sen each for every TAG share surrendered.

"Upon the delisting of TAG from the official list of Bursa Securities, the TAG shares will no longer be traded on the Main Market of Bursa Securities. The holders who did not accept the offer and continue to hold TAG shares will hold unlisted TAG shares and, therefore, will not be able to trade them on Bursa Securities," TAE said.

TAE added that it will now issue a notice to dissenting shareholders as specified under Section 223(2) of the Capital Markets and Services Act (CMSA) seeking the former to acquire shares from the latter.

"The notice will be sent to the dissenting shareholders within one month from Dec 14, 2020, being the date of receipt of the valid acceptances by TAE resulting in TAE and persons acting in concert with it holding not less than 9/10 in the value of all the total number of TAG shares," TAE added.

At noon break, shares in TAE were unchanged at 65 sen, valuing it at RM1.11 billion. On the other hand, TAG shares were up by 5.66% or 1.5 sen at 28 sen, yielding a market capitalisation of RM1.41 billion.

Edited ByLam Jian Wyn
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