SINGAPORE - TA Corporation said on March 10 that it has received a letter of intent from a third-party purchaser which is interested in buying various units of New World Centre for a consideration of $43 million.

The property and construction group said it received the letter from SGUnited Capital on March 8, and that the purchaser is not known to be related to any director or substantial shareholder of TA Corporation.

The proposed disposal of the properties, which are located in Jalan Berseh, is likely to constitute a major transaction under listing rules, and will require shareholder approval.

TA Corporation had a total market capitalisation of $37.8 million, based on its last traded price of 7.3 cents last July.

The counter has been suspended since July 2023, after it announced that its wholly owned subsidiary Tiong Aik Construction was placed under provisional liquidation.

The board called for a suspension “as a matter of prudence”, as the group planned to “engage in a broader and more holistic manner with its lenders, note holders, business partners, suppliers and customers in relation to the provisional liquidation and its consequent implications on the group”. THE BUSINESS TIMES