New high for Dagang NeXchange Bhd
PETALING JAYA: TA Global Bhd’s unit Maxfine International Ltd has completed the C$100mil (RM337.5mil) acquisition of the Trump International Hotel & Tower Vancouver in Canada from West Georgia Development Ltd Partnership.
The 63-storey building, which has 147 luxury guest rooms and 217 residence suites, was acquired together with all furniture, furnishings, fittings and equipment applicable to the hotel and inventories.
TA Global said it had fulfilled the conditions under Clause 4.1 of the sale and purchase agreement (SPA).
“The consideration for the acquisition has been fully paid pursuant to Clause 2.3 of the SPA. The vendor and the purchaser have fulfilled their obligations under Clauses 6.1 and 6.2 of the SPA respectively,” it said.
“Further to the completion of the acquisition, the board wishes to announce that Maxfine has acquired 100% equity of West Georgia Holdings Inc,” it added.
The project is jointly developed by TA Global and Canadian property company Holborn Group.
Trump International Hotel & Tower development contributed RM46.4mil, or 57.4%, of the TA Global group’s profit in the 11-month period ended Dec 31, 2015.
The residence suites were almost sold out by February last year, according to TA Global's 2015 annual report.
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