TA Global’s unit to sell property in Australia

KUALA LUMPUR: TA Global Bhd’s Australia unit, TA Little Bay Pty Ltd, has proposed to dispose of its development property in New South Wales, Australia, to Karimbla Properties Pty Ltd for A$245mil, or RM832.19mil.

In a filing with Bursa Malaysia, the company said the disposal would enable the group to unlock value of the property, which was currently pending development at a 29% premium to the indicative valuation appraised by the valuer with an estimated gain before tax of A$102mil (about RM346.46mil).