MAA Group has entered into a Share Sale and Purchase Agreement with Khidmat Kejora Sdn Bhd and Neo Pixel Sdn Bhd for the disposal of its entire holding of 57.78% equity interest held in Turiya for RM52.8 million.
With the deal completed today, MAA no longer has any equity interest in Turiya. On 22 June 2021, Mercury Securities Sdn Bhd had, on behalf of MAAG, served a take-over notice to the Board of Directors of Turiya informing them of the mandatory take-over offer by MAAG for all the remaining ordinary shares in Turiya not already held by the Offeror at a cash offer price of RM0.18 per Offer Share.
However, MAA said it could not execute the deal due to the the various litigation initiated by Empire Holdings Ltd, the previous holder of the Sale Shares, against the company. The prolonged Litigation between Empire and the Offeror over the past approximately 3 years had hindered the Offeror’s ability to initiate the Offer.
Given the above as well as the Proposed Disposal being entered, MAA said it will be withdrawing the Offer and that the purchasers will assume the obligation to under separate take-over offer for all the remaining Turiya Shares that the purchasers do not already own and will serve the Holders with a separate take-over offer in compliance with the Rules.
