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.
...