TA Corp receives LOI for New World Centre units

The proposed disposal is anticipated to constitute a “major transaction” under the listing rules of SGX-ST. 

TA Corporation Ltd. has received a letter of intent (LOI) from SGUnited Capital Pte. Ltd., expressing interest in acquiring various units in the New World Centre in Jalan Berseh for $43m. 

The LOI, received by the group on 8 March, includes the option to purchase forms for New World Centre units (OTPs), specifying that the sale is on an "as-is where-is" basis, subject to the existing tenancy(ies). 

A condition also mandates that the grant of the OTPs requires a waiver from the Singapore Exchange Regulation or approval from TA Corporation Ltd. shareholders.

Additionally, a deposit of $468.7k must be placed with the LOI as a demonstration of the purchaser's interest. This is refundable if the condition is not satisfied by 8 April or a later agreed-upon date. If the option is granted, the purchaser has until 2 May to exercise it and complete the proposed disposal within 12 weeks. 

Shareholders' approval is also necessary by the completion date. Failure to secure approval will result in the lapse of OTPs, rendering them void ab initio, and refunding all funds to the purchaser.

Moreover, the subsidiaries of TA Corporation Ltd. currently operating in the New World Centre will continue business activities after the proposed sale.

The proposed disposal is anticipated to constitute a “major transaction” under the listing rules of the Singapore Exchange Securities Trading Limited.