KUALA LUMPUR (July 20): Turiya Bhd is selling its 2.08% stake in Academic Medical Centre Sdn Bhd (AMC) to AMC's main shareholder, Chase Perdana Sdn Bhd, for RM12.5 million.

Turiya, which is mainly involved in industrial machinery manufacturing and property investment, said the disposal is in line with its plan to focus on businesses which are viable and profitable in the mid to long term.

In a filing to Bursa Malaysia, Turiya said the disposal will not have any material impact on its share capital, earnings, net assets, gearing and substantial shareholdings for the financial year ending March 31, 2018.

Tan Sri Dr Mohan Swami is the executive chairman of both AMC and Chase Perdana.

AMC was set up with Chase Perdana holding an 80% stake and Turiya the remaining 20%. Turiya subsequently pared its stake to 2.08%.

In late 2010, AMC entered into a partnership with Johns Hopkins University to develop a four-year graduate medical school and teaching hospital in Malaysia. But the collaboration ended in 2014 following a dispute over payment.

Shares in Turiya were untraded today. They closed at 19 sen two days ago, giving it a market capitalisation of RM43.46 million.