TA Corporation Ltd. Receives SGX Approval for Trading Resumption and Share Issuance

Key Points from the Announcement

• SGX RegCo grants approval-in-principle for TA Corporation Ltd.’s new share issuance and trading resumption.
• Debt Restructuring Plan completed, paving the way for trading resumption after a prolonged suspension.
• Up to 103,613,644 new shares to be issued via mandatory conversion of notes.
• Trading of TA Corporation’s securities has been suspended since 17 July 2023.

Details for Investors

TA Corporation Ltd. (“TA Corp”) has announced a major milestone in its restructuring and recovery process, receiving approval-in-principle from the Singapore Exchange Regulation Company (SGX RegCo) for the listing and quotation of up to 103,613,644 new ordinary shares. These shares will be issued through the mandatory conversion of S\$330,000 worth of TAR Convertible Notes and S\$5,000,000 worth of TAC Convertible Notes.

The conversion will be executed on the trading resumption date, unless the notes are redeemed earlier. This is a crucial step for TA Corp, which has been under voluntary trading suspension since July 2023, following financial challenges and the need for a comprehensive debt restructuring plan.

Details of Convertible Notes and Placees

The company will issue:

• 33,512,687 new shares for the TAR Convertible Notes.
• 70,100,957 new shares for the TAC Convertible Notes.

These shares, collectively referred to as the Placement Shares, are to be allotted within seven market days from the SGX approval, i.e., by 27 February 2026.

The TAR Conversion Shares will be issued to:

• Muthukumar: Freelance business consultant.
• Tam Chee Chong: Liquidator of TAR.
• Yam Seng Engineering Pte. Ltd.: Engineering design and consultancy firm.
• Dipcie Contractors Pte. Ltd.: Specialized construction company.
• ARV Skilled Training & Testing Centre: Training and skills assessment provider.

The TAC Conversion Shares will be issued to Phillip Securities Pte Ltd, a third-party brokerage elected by TAC.

Key Conditions and Fulfillment

The approval from SGX RegCo is subject to TA Corp’s written undertakings:

• Compliance with Listing Rule 803.
• Non-issuance of shares to persons prohibited under Listing Rule 812(1).

These undertakings have already been submitted by the company.

The company has also fulfilled all resumption conditions required by SGX RegCo, including:

• Board’s assurance of the group’s ability to operate as a going concern, based on completion of debt restructuring, extension of note maturities to 2032, positive cash flow forecast up to April 2027, and recurring income from dormitory and construction businesses.
• Shareholder approval for the allotment and issuance of Placement Shares, granted at the annual general meeting on 27 June 2025.
• Completion of the Debt Restructuring Plan, previously announced on 30 January 2026.

Implications for Shareholders and Price-Sensitive Information

This announcement is highly price-sensitive and could significantly impact TA Corporation’s share value.

• The resumption of trading after a long suspension is a pivotal event that will likely attract substantial investor interest.
• The issuance of over 100 million new shares will dilute existing shareholdings but may bolster the company’s financial stability and credibility.
• Completion of debt restructuring and positive outlook on core business operations (dormitory rentals, construction, and liquidity management) suggest improved financial health and potential for recovery.
• Investors should be aware of the new capital structure and the identities of the new shareholders (placees).
• The company will announce the exact date for trading resumption after consultation with SGX-ST.

Investor Guidance

Shareholders and stakeholders are strongly advised to read this and subsequent announcements carefully. The developments present both opportunities and risks—particularly due to the significant dilution and the company’s renewed focus on its core businesses. Any decision regarding the company’s securities should be made with full consideration of the latest information and, where appropriate, consultation with professional advisors.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own due diligence and consult financial advisors before making investment decisions related to TA Corporation Ltd. The information herein is based on official company announcements as of 20 February 2026 and may be subject to further updates.

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