Turiya’s largest shareholder gets injunction to block MAA from pursuing takeover offer

KUALA LUMPUR (July 9): MAA Group Bhd, which is seeking to make a takeover offer for all the remaining shares in Turiya Bhd after its proposed acquisition of a 57.78% stake in the company, yesterday applied for an extension of time to despatch the offer document to the Securities Commission Malaysia.

This comes after the High Court on Wednesday granted an interim injunction to Turiya’s largest shareholder, Empire Holdings Ltd, restraining MAA from taking any step with regards to the takeover offer until further order from the court.

In a stock exchange filing yesterday, MAA said the injunction restrains the group from dealing with the 132.15 million shares that represent the 57.78% stake until further notice.

Turiya issued a similar filing to Bursa Malaysia on the matter.

MAA had proposed the acquisition of the 57.78% stake from Ithmaar Bank BSC for RM23.8 million on June 22 to be followed with a mandatory takeover offer for the remaining shares.

However, Empire subsequently filed a lawsuit to block the share acquisition, claiming that there had been breach of contract in respect of the deal.

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