MAAG ACQUIRES 132.15 MLN TURIYA SHARES FOR RM23.79 MLN

KUALA LUMPUR, June 22 -- MAA Group Bhd (MAAG) has entered into an unconditional sales and purchase agreement with Bahrain-based Ithmaar Bank BSC to acquire 132.15 million shares in Turiya Bhd worth RM23.79 million. 

It said upon completion, MAAG would hold approximately 57.78 per cent stake in Turiya, a company involved in the business of letting properties and property management, investment holding and the provision of management consultancy services.

“As a consequence, MAAG is obliged to extend a mandatory take-over offer to acquire all the remaining Turiya shares not already held by MAAG at a cash offer price of 18 sen per share,” it said in a filing with Bursa Malaysia today.

It said the offer price is equivalent to the price per Turiya share paid by MAAG for the proposed acquisition.

“Save for the proposed acquisition, MAAG has not acquired any Turiya shares in the past six months prior to the date of this announcement,” it said. 

MAAG said the acquisition is a strategic investment as it is expected to provide an opportunity for the company to acquire a controlling interest in Turiya at an attractive price of 18 sen per share, which is below Turiya’s net asset per share of 53 sen as at Dec 31, 2020.

“It will also provide an opportunity for MAAG to own Wisma Chase Perdana which is strategically located in an upmarket neighbourhood and in the heart of Damansara at an attractive valuation,” it said.

It added that the proposed acquisition would also enable the MAAG to have a steady stream of rental income and profits.

-- BERNAMA