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KUALA LUMPUR (July 7): Datuk Tony Tiah Thee Kian earlier this week (MGO) for TA Enterprise Bhd at 66 per share after acquiring 14.33 million shares or 0.84% stake in the stockbroking firm for
Following the acquisition, Tiah, who is the co-founder and non-executive chairman of TA Enterprise, holds 558.35 million shares or 32.62% stake in TA Enterprise. With 7.89 million shares or 0.46% stake in the group, Tiah and the PACs collectively own 566.24 million shares or 33.08% stake in TA Enterprise.
The Edge Business Week in its latest issue reported that MGO has prompted speculation about Tiah's plan for the company.
In a recent announcement to Bursa Malaysia, TA says Tiah intends to maintain the status of the company. [19659002] The Edge wrote that "the fact that the offer price is barely 5% above the market price also makes it apparent that Tiah has no intention to take it privately, at least not for now".
A corporate adviser noted to The Edge that the MGO could help Tiah consolidate his stake in TA.
The MGO also offers a timely exit. "Market sentiment is bad now. Investors who would not be able to liquidate their shares would be willing to take over the MGO.
"I believe it might not be difficult for you to meet the 50% + 1 requirement that will make the offer unconditional,"
TA Enterprise's "prized possessions" are its landbanks and properties in TA Global.
The group is among the landowners that owns land in the KLCC area. It also owns five-star hotels in Canada, Australia and China, wrote The Edge .
The properties and land listed in the company's 2017 annual report
Another corporate adviser told The Edge "That should be Tiah manage to raise his holding in TA to 51% or more," said the business weekly. he would be able to tighten his grip on the company by increasing his stake in the MGO under the listing requirements.
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