Share
KUALA LUMPUR: Shareholders of TA Global and its parent TA Enterprise Bhd have approved the proposed sale of Quayside Gem Ltd (QGL) by TA Enterprise to TA Global.
The decision was made during the extraordinary general meeting, which was held after the annual general meeting, of TA Global and its parent TA Enterprise Bhd on Wednesday, June 23.
QGL owns 100% of the equity of Merchant Quay Pte Ltd, the registered owner of the Hotel and Business of Swissotel Merchant Court Singapore.
The acquisition involves 50.6 million shares at US$1 (RM3.23) each in QGL, representing 100% of the issued and paid-up share capital for RM651.8 million, to be satisfied via issuance of the consideration shares and assumption of the loan facility.
Swissotel is a four-star hotel within walking distance to the central business and financial district of Singapore. It has an average occupancy rate of 78.5% for the financial year ending January 31, 2010.
The developer plans a capital expenditure of SG$5 million (RM11.6 million) for the next five years for refurbishing the hotel, and upgrading its meeting facilities to maintain its market position.
TA Enterprise purchased the 476-room hotel from LaSalle Asia Opportunity II SATRL for SG$260 million in August last year.
It came with a SG$19 million guaranteed profit until January 31, 2013.
The decision was made during the extraordinary general meeting, which was held after the annual general meeting, of TA Global and its parent TA Enterprise Bhd on Wednesday, June 23.
QGL owns 100% of the equity of Merchant Quay Pte Ltd, the registered owner of the Hotel and Business of Swissotel Merchant Court Singapore.
The acquisition involves 50.6 million shares at US$1 (RM3.23) each in QGL, representing 100% of the issued and paid-up share capital for RM651.8 million, to be satisfied via issuance of the consideration shares and assumption of the loan facility.
Swissotel is a four-star hotel within walking distance to the central business and financial district of Singapore. It has an average occupancy rate of 78.5% for the financial year ending January 31, 2010.
The developer plans a capital expenditure of SG$5 million (RM11.6 million) for the next five years for refurbishing the hotel, and upgrading its meeting facilities to maintain its market position.
TA Enterprise purchased the 476-room hotel from LaSalle Asia Opportunity II SATRL for SG$260 million in August last year.
It came with a SG$19 million guaranteed profit until January 31, 2013.
SHARE
.jpg?NwofudRrglwzEZaDYk9d0.bCdaGAsHfZ)
