MAA Group sells entire 58% stake in Turiya for RM52.86mil

KUALA LUMPUR: MAA Group Bhd has proposed to disposed of its entire 57.78% equity interest held in Turiya Bhd for RM52.86mil cash.

In a filing with Bursa Malaysia, MAAN said it has entered into a share sale and purchase agreement (SSPA) with Khidmat Kejora Sdn Bhd (KKSB) and Neo Pixel Sdn Bhd (NPSB) for the disposal of 132.1 million shares in Turiya at a cash consideration of RM0.40 per sale share or a total consideration of RM52.86mil.

MAA said the proposed disposal represented an excellent opportunity for the group to unlock and realise the value of its investment in Turiya at the disposal price.

This will enable the group to reallocate funds from the disposal for investment in existing or new ventures, acquisitions, and general working capital needs.

“Going forward, the key focus of the group will remain on development of its existing businesses, in particular education, hospitality services, cinema, money lending and/ or debt factoring services segments and such other new businesses/ investments as may be acquired by the MAAG Group.

“The group will continuously improve performance and accelerate the future growth of these businesses,” it said.