In a filing with Bursa Malaysia, the group said the proposed disposal consists of 132.15 million ordinary shares, representing a 57.78% equity interest in Turiya.

Turiya is primarily involved in property letting and management, as well as in manufacturing and trading in chemicals for the semiconductor industry through its subsidiaries.

MAAG said the proposed disposal will enable the group to re-strategise and redeploy its financial and capital resources, potentially for investment opportunities such as expanding existing businesses or exploring new ventures.

“The proposed disposal presents an excellent opportunity for MAAG to unlock and realise the value of its investment in Turiya at the disposal price.

“Moving forward, the group’s primary focus will remain on developing its existing businesses, particularly in the education, hospitality services, cinema, money lending, and debt factoring services segments, as well as exploring new business ventures or investments,” added the investment holding company.