+A -A
KUALA LUMPUR, Malaysia (July 8): MAA Group Bhd, which is proposing to make a takeover bid for all remaining shares in Turiya Bhd following its proposed acquisition of a 57.78 percent holding in the firm, has requested to the Securities Commission Malaysia for an extension of time to despatch the offer document.
This comes after the High Court yesterday granted an interim injunction to Empire Holdings Ltd, Turiya’s largest shareholder, preventing MAA from acting on the acquisition bid until the court issues a new order.
The injunction prevents MAA from dealing with the 132.15 million shares that represent the 57.78 percent holding until further notice, according to a stock exchange filing Monday.
On the same subject, Turiya filed a similar petition with Bursa Malaysia.
On June 22, MAA proposed buying the 57.78 percent interest from Ithmaar Bank BSC for RM23.8 million, with a required takeover bid for the remaining shares to follow.
Empire, on the other hand, launched a lawsuit to stop the share acquisition, saying that the deal had been breached.
Turiya’s shares fell 1.5 sen, or 6.52 percent, to 22 sen, valuing the company at RM49.18 million.
MAA closed at 74 sen, down one sen or 1.32 percent, with a market capitalization of RM195.19 million.
Sign up for an email alert at 3 p.m.
Every day, we send you news to your mailbox.
Videos in the spotlight
EVENING 5: Bank Negara maintains its OPR of 1.75 percent.
CALL IN THE MORNING: 08/07/21
EVENING 5: Deputy Prime Minister Ismail Sabri
CALL IN THE MORNING: 7/7/21
EVENING 5: Due to EMCO, Top Glove has halted operations in Klang.
CALL IN THE MORNING: 06/07/21
EVENING 5: On July 26th, Parliament will reassemble.
NEWS: Here’s a glimpse at the Covid-19 screening facilities at KLIA.
NEWS: The state of Selangor has launched a vaccination campaign.
EDGE WEEKLY: In a pandemic, unlocking asset value/n
Read More
