KUALA LUMPUR: MAA Group Bhd (MAAG), which failed to get the nod from shareholders for a proposed privatisation exercise by its major shareholder, will focus on finding a new business to exit its Practice Note 17 (PN17) status.

Executive chairman and controlling shareholder Tunku Datuk Yaacob Khyra said the group would be looking to negotiate with the regulators to allow MAAG to embark on multiple acquisitions of smaller businesses, instead of searching for one large company that makes RM20mil annually under its current restriction as a PN17 entity.

“Nothing’s changed. We’re still trying to comply with Bursa Malaysia’s requirement to look for a new business. But instead of having to find one giant business that can make RM20mil profit, we would like to find five companies making RM4mil profit,” he told reporters after the company’s AGM and EGM.

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