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Update TA Global open to more hotel buys after resounding approval for Trump hotel

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Update TA Global open to more hotel buys after resounding approval for Trump hotel Empty Update TA Global open to more hotel buys after resounding approval for Trump hotel

Post by Cals Thu 11 Sep 2014, 22:24

Update TA Global open to more hotel buys after resounding approval for Trump hotel
Business & Markets 2014
Written by Jeffrey Tan of theedgemalaysia.com   
Thursday, 11 September 2014 15:56

KUALA LUMPUR (Sept 11): TA Global Bhd says it is open to acquiring more hotels after the firm received overwhelming shareholders’ approval today to buy The Trump International Hotel in Vancouver, Canada.

The firm, a 63.08%-owned property arm of TA Enterprise Bhd, said future acquisitions would depend on price and location.

"If there is opportunity, and the price and terms are right, we are open to it," said Executive Director Kimmy Khoo Poh Kim after TA Global's EGM.

Today, the firm's shareholders gave the green light for TA Global to acquire the Trump hotel for C$100 million or RM296.2 million, which garnered an approval of 99.94%.

"We are not surprised," said TA Global's independent director Peter U Chin Wei, adding that shareholders have always been supportive of TA Global's proposals.

Meanwhile, for the TA3 and TA4 projects, which were earmarked for hotel, serviced apartment and residential development, Khoo said that TA Global had not yet secured a hotel operator. 

She said TA Global had signed the letter of intent but would not be in a position to reveal details until the group signed the hotel management agreement (HMA), adding that the group was still in negotiations over the terms in the HMA.
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