TA Enterprise Suspended for Corporate News
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Trading in the securities of TA Enterprise Bhd was suspended in mid-morning on Monday for the release of a corporate announcement.
The company, which is involved in financial services including stockbroking, and property, announced that trading was suspended at 10.32am.
The share price was up 0.5 sen to 66 sen when trading was suspended.
Last Thursday, its related company TA Global said it was delaying the launch of three residential and mixed-development property projects worth RM5.5bil to next year, mainly due to the soft property market. These projects were initially set to be launched this year.
The projects pushed to next year are the Dutamas residential project worth RM450mil, the TA 3&4 project (worth RM2.6bil) in Kuala Lumpur city centre, and the Annexe mixed-development project (worth RM2.5bil) 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 saying after TA Enterprise and TA Global's AGM.
The company plans to pace the launch of these projects to each quarter next year due to financing as well as the higher amount of manpower and resources required.