TA Global completes Canada JV stake sale

KUALA LUMPUR (June 12): TA Global Bhd has completed the sale of its 65% stake in a Canadian property development joint venture (JV) for RM69.51 million.

In a statement to Bursa Malaysia today, TA Global said it had sold the stake to Townline Gardens Inc, which already owned 35% in the JV.

"The disposal has now been completed following the closing conditions being met and payment of the disposal consideration by the purchaser in accordance with the terms of the Termination Agreement on June 2, 2015," TA Global said.

Prior to the stake sale, TA Global and Townline Gardens had planned to undertake a property project known as "The Gardens" in British Columbia.

Both companies had planned to undertake the project within an 8.8-ha (22 acre) tract there.

Today, TA Global shares closed 0.5 sen or 1.6% lower at 31 sen for a market capitalisation of RM1.65 billion.