PETALING JAYA: MAA Group Bhd
(MAAG) has proposed to acquire a 57.78% stake, representing 132.15 million shares, in Turiya Bhd for a cash consideration of RM23.8mil, or 18 sen per share.
In its exchange filing, MAAG said it had entered into an unconditional sale and purchase agreement with Bahrain-based Ithmaar Bank BSC for the transaction.
“As a consequence, MAAG is obliged to extend a mandatory takeover 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.
MAAG viewed the proposed acquisition as a strategic investment that would provide the group an opportunity to acquire a controlling interest in Turiya at an attractive price vis-à-vis its net assets per share of 53 sen as at Dec 31, 2020.
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