MAA shares fall after Melewar's SCR plan fails

In a filing with Bursa Malaysia, Country View said that the acquisition

KUALA LUMPUR: MAA Group Bhd’s major shareholder, the Melewar group's proposed plan to take it private through a selective capital reduction (SCR) failed. Its shares closed 20 sen down to 79.5 sen.

They had proposed that the company undertake a SCR and repayment of RM1.10 a share.

However, the plan via the SCR did not get full support from all the minority shareholders during the EGM on Wednesday.

Shareholders owning 69.8% of the shares had voted in favour of the SCR but 10.77% had objected to the plan. MAA Group had needed 75% of the shares for the SCR to go through.

 

To recap, on Feb 27, MAA announced that its major shareholder, the Melewar group, had proposed that the company undertake the SCR and repayment at RM1.10 a share.