A stumbling block appears to have emerged on the path of MAA Group Bhd major shareholders who are hoping to take the company private through a proposed selective capital repayment (SCR) exercise.

According to sources, a shareholder activist fund is opposing the proposed SCR, on grounds that the payout, at RM1.10 per share, is too low and is “nowhere near the actual value of the company”.

European hedge fund Laxey Partners Ltd, which is believed to hold some 2% of the company, and is said to be accumulating further shares, has been trying to get in touch with the board of MAA to voice its dissatisfaction about the exercise.

Laxey is no stranger to taking positions in companies which it deems undervalued.

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