TA Global subsidiary completes Trump hotel acquisition

PETALING JAYA: TA Global Bhd’s subsidiary Maxfine International Ltd has completed the acquisition of the Trump International Hotel & Tower Vancouver from West Georgia Development Limited Partnership.

The buildings, which are located in Canada, 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 sales 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.

In an earlier report, TA Global said it will realise a bulk of its profit from the successful construction of the Trump Tower in Canada in the financial year 2016 ending Dec 31 (FY16).

The project was reportedly sold out and TA Global would also be managing the penthouses.