TA ENTERPRISE Bhd’s (TAE) application to withdraw its voluntary takeover of TA Global Bhd has been rejected by the Securities Commission Malaysia (SC), it said in an exchange filing yesterday.
TAE said the SC had via a letter dated June 1 resolved to decline the application for the
withdrawal after considering the justifications provided on a holistic basis. The group had on May 6 submitted an application to the SC seeking approval to abort the move to buy the remaining 39.83% stake it does not hold in TA Global, its property subsidiary, citing the adverse effects of Covid-19.
TAE currently holds a 60.17% stake in TA Global. The proposal offers TA Global shareholders 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 TA Enterprise TAE to be issued at 66.5 sen each for every TA Global share surrendered.