KUALA LUMPUR (Feb 13): TA Enterprise Bhd's share price rose as much as eight sen or 14.81% to 62 sen in morning trades today after the company proposed to buy an additional stake in 60.17%-owned subsidiary TA Global Bhd under a conditional voluntary takeover offer.

TA Enterprise said it does not intend to maintain property developer TA Global's listing status on Bursa Malaysia's Main Market.

TA Global's share price climbed as much as 4.5 sen or 19.57% to 27.5 sen before paring gains at 27 sen at 9:41am. TA Enterprise was traded at 61.5 sen.

At the 28 sen offer price for TA Global shares, the company is valued at RM1.49 billion based on its issued base of 5.32 billion shares.

TA Enterprise and TA Global's share trades resumed today following a suspension yesterday in conjunction with the takeover offer announcement.

Yesterday, TA Enterprise said in a statement to Bursa Malaysia it proposed to acquire up to 2.12 billion shares or 39.83% equity interest in TA Global under the conditional voluntary takeover offer at 28 sen each.

TA Enterprise said the voluntary takeover offer shall be satisfied by a cash consideration of 28 sen for one TA Global share or a share exchange based on an ratio of 0.4211 new share in TA Enterprise to be issued at an issue price of 66.5 sen each for one TA Global share.