KUALA LUMPUR (June 2): The Securities Commission (SC) has rejected TA Enterprise Bhd (TAE)'s application to withdraw its voluntary takeover offer (VTO) to buy the remaining 39.83% stake that it does not own in TA Global — a move to take the latter private.

In a filing to Bursa Malaysia, TAE said the SC had, vide its letter dated June 1, resolved to decline the application for the withdrawal after having considered the justifications provided on a holistic basis.

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.

Tiah is the co-founder and controlling shareholder of the two listed companies. Tiah and the persons acting in concert collectively hold a 42.37% stake in TAE and 15.34% in TA Global. Meanwhile, TAE controls a 60.17% stake in TA Global.

More to come