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.
In addition, it was also an opportunity for MAAG to own the 12-storey freehold office building, Wisma Chase Perdana, in Bukit Damansara, Kuala Lumpur, at an attractive valuation; and the group to have a steady stream of rental income and profits.
The Turiya Group is principally involved in, among others, the business of letting of office lots and property management.