TA Global up 7.3% this morning, actively traded on RM832 mil Australian land sale

KUALA LUMPUR (Aug 10): TA Global Bhd saw its share price rise as much as 2.5 sen or 7.3% this morning to 36.5 sen, following news the group is proposing to sell undeveloped land in Australia for RM832 million. 

At 11.22 am, TA Global had retreated to 35.5 sen or up 4.4% from its last closing price, with 10.46 million shares traded, surpassing its 200-day average trading volume of 3.04 million shares. It was also the third most actively-traded counter on Bursa Malaysia this morning.

Yesterday, TA Global said in its filing with Bursa Malaysia that its wholly-owned unit TA Little Bay Pty Ltd (TALBP) inked a put and call option deed yesterday with Karimbla Properties (No 50) Pty Ltd to sell the Australian property for A$245 million or approximately RM832.2 million.

TA Global stands to gain A$102 million (RM346.46 million) by selling off the remaining undeveloped land in its Little Bay Cove project, a 33.6-acre (13.6ha) freehold residential development in New South Wales, Australia.

The proposed sale involves eight development lots and 26 house lots, with a total land area of 24.26 acres. Its original cost of investment for the land from October 2010 up to August 2014 was A$112.95 million. — theedgemarkets.com

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