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TAKE-OVERS & MERGERS (PARAGRAPH/RULE 9.19 (47A))

MAA GROUP BERHAD

Type Announcement
Subject TAKE-OVERS & MERGERS (PARAGRAPH/RULE 9.19 (47A))
Description
MAA GROUP BERHAD ("MAAG" OR "OFFEROR")

WITHDRAWAL OF UNCONDITIONAL MANDATORY TAKE-OVER OFFER BY MAAG FOR ALL THE REMAINING ORDINARY SHARES IN TURIYA BERHAD ("TURIYA") ("SHARES" OR THE "TURIYA SHARES") NOT ALREADY HELD BY MAAG ("OFFER SHARES") AT A CASH OFFER PRICE OF RM0.18 PER OFFER SHARE ("OFFER")

Reference is made to MAAG’s announcements dated 22 June 2021, 8 July 2021 and 12 July 2021 in relation to the Offer.


On 22 June 2021, Mercury Securities Sdn Bhd (“Mercury Securities”) had, on behalf of MAAG, served a take-over notice to the Board of Directors of Turiya (“Turiya Board”) informing them of the Offer. However, the prolonged litigation between Empire Holdings Ltd and MAAG in respect of the Offer over the past approximately 3 years had hindered the ability of MAAG to initiate the Offer. As at the date of this announcement, MAAG has not despatched its Offer document to the holders of the Offer Shares.

 

On 26 April 2024, MAAG had entered into a share sale and purchase agreement with Khidmat Kejora Sdn Bhd and Neo Pixel Sdn Bhd (collectively, the “Purchasers”) for the disposal of its entire holding of 132,151,497 Turiya Shares (“Sale Shares”), representing 57.78% shareholding in Turiya, to the Purchasers for a total cash consideration of RM52,860,598.80 or RM0.40 per Sale Share.

 

Following the above, on behalf of the Board of Directors of MAAG, Mercury Securities wishes to announce that the Offer is withdrawn as of today. The Purchasers will assume the obligation to undertake a separate take-over offer and they will serve the holders of the Offer Shares with a separate take-over offer in compliance with the Rules on Take-overs, Mergers and Compulsory Acquisitions.

 

The Securities Commission Malaysia has consented for the Offeror to withdraw the Offer pursuant to paragraph 9.11 of the Rules on Take-overs, Mergers and Compulsory Acquisitions.

 

Please refer to the enclosed withdrawal notice dated 26 April 2024, which has been served to Turiya, for further details on the withdrawal of Offer.

 

This announcement is dated 26 April 2024.




Please refer attachment below.



Announcement Info

Company Name MAA GROUP BERHAD
Stock Name MAA
Date Announced 26 Apr 2024
Category General Announcement for PLC
Reference Number GA1-25042024-00043



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