Thursday 03 Oct 2024
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KUALA LUMPUR (June 7): The takeover bid by doctor-turned-businessman Tan Sri Mohan MK Swami and his partner Datuk Seri Dr Shamir Kumar Nandy for Turiya Bhd (KL:TURIYA) has closed with the offerors raising their stake in the property management firm to 59.46%. 

M&A Securities Sdn Bhd, on behalf of Turiya, informed Bursa Malaysia that the mandatory general offer (MGO) by Khidmat Kejora Sdn Bhd and Neo Pixel Sdn Bhd — the special purpose vehicles of Swami and Shamir — had closed at 5pm on Friday. 

In April, Swami and Shamir bought a 58% stake in Turiya at 40 sen per share, or RM52.86 million from MAA Group Bhd (KL:MAA), a company which is controlled by Tunku Datuk Yaacob Khyra. Following this acquisition, the duo were required to make a general offer for the remaining shares. 

This move concluded a nearly three-year legal dispute between MAA and Swami-linked Empire Holdings Ltd over the stake.

MAA had acquired the stake for RM23.79 million, or 18 sen per share in 2021 from Ithmaar Bank, which Empire argued was merely holding the Turiya shares for Empire by way of charge.

Turiya, which is involved in property investment and the manufacture of specialty chemical products for the semiconductor industry, has been profitable over the past five years but still has negative equity reserves of RM148.97 million.

For the financial year ended March 31, 2024 (FY2024), Turiya’s net profit fell 19.29% to RM3.3 million, from RM4.09 million a year earlier, on lower fair value gain on the investment property, while revenue rose slightly to RM28.93 million from RM28.54 million, due to increase in revenue from the semiconductor business.

At Friday’s closing bell, Turiya’s share price was five sen or 11.36% higher at 49 sen, valuing it at RM110.86 million. Since the beginning of this year, the counter has surged over 113%. 

Edited ByIsabelle Francis
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