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TA suspends trading of shares pending material announcement

KUALA LUMPUR (July 2): Shares of TA Enterprise Bhd, which has interest in financial services, property and hospitality, was suspended from 10:32am today, ahead of the release of a material announcement.

“As such, the structured warrant relating to TA will also be suspended at the same time,” TA, which owns an independent stockbroking firm, said in a filing with Bursa Malaysia.

Since the opening bell at 9am, TA shares have risen by 0.5 sen or 0.76% and paused 66 sen, valuing it at a market capitalisation of RM1.13 billion.

Last week, TA’s 60.17%-subsidiary TA Global Bhd announced it had deferred the launch of three residential and mixed-development property projects worth at RM5.5 billion in gross development value to next year, as opposed to 2018, on concern of softening property market.

The three identified projects are: the Dutamas residential project worth RM450 million, the TA 3&4 project valued at RM2.6 billion in Kuala Lumpur city centre, and the Annexe mixed-development project which is appraised at RM2.5 billion in Bandar Sri Damansara.

“The delay in the projects for this year is mainly due to the oversupply of properties in the market,” chief executive officer Tiah Joo Kim was quoted as saying, after TA Enterprise and TA Global’s AGM. — theedgemarkets.com

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