KUALA LUMPUR (June 2): Trading of shares in retail stockbroking firm TA Enterprise Bhd (TAE) and its property arm TA Global Bhd has been suspended from 9am today pending an announcement. 

The request for trading suspension sparks speculation about the Securities Commission Malaysia’s (SC) decision on TAE’s application to withdraw its voluntary takeover offer to acquire up to a 39.83% stake in TA Global. 

To recap, TAE on May 6 submitted an application to the SC for the regulator’s approval to abort the privatisation exercise, in which Datuk Tony Tiah would pump in fresh money to TAE to finance the deal. 

The decision came three months after the takeover offer was made in mid-February, TAE cited the adverse impact of the Covid-19 pandemic as the main reason to abort the plan. 

TAE explained that the expected impact arises from the temporary suspension of operations of several hotels under TAG Group in March and April. 

Will the SC grant the approval for the withdrawal of the offer?

More to come.