KUALA LUMPUR (July 31): Turiya Bhd (KL:TURIYA) plans to raise RM5 million through a private placement mainly to upgrade and refurbish its Wisma Chase Perdana building in Damansara Heights but also to repay some debts.

The proposed exercise entails the issuance of up to 22.87 million new shares, representing 10% stake of the company’s existing issued share capital, with the issue price to be announced at a later date, the group's bourse filing showed on Friday (July 31). 

The placement shares will be offered to independent third-party investors.

Based on an illustrative issue price of 22 sen per placement share, the exercise is expected to raise gross proceeds of about RM5.03 million.

Of the proceeds, RM3.5 million has been earmarked for upgrading and refurbishing Wisma Chase Perdana, while RM1.08 million will be used to pay scheduled financing instalments.

It has also earmarked RM292,000 for working capital and RM160,000 to defray expenses related to the placement.

The refurbishment works will include replacing passenger lifts, rooftop waterproofing and plumbing works, electrical cabling, as well as upgrading the building's security and surveillance system and other facilities.

The group said the works are intended to improve the property's operational reliability, enhance tenant experience and preserve its commercial value.

The occupancy rate for Wisma Chase Perdana currently stands at 64%.

Meanwhile, the group had outstanding bank borrowings of RM28.88 million under term loan. The term loan bears an interest rate of 8.33% per annum with a remaining tenure of about 114 months.

It had cash and bank balances of RM11.6 million as at end March 2026. 

The private placement is expected to be completed in the fourth quarter of 2026

Turiya has held Wisma Chase Perdana as an investment property since 2010. Its shareholders thwarted the company's proposed RM135 million acquisition of the 12-storey Wisma Sentral Inai in Kuala Lumpur in December 2025.

The deal, which was to be funded through a cash injection from executive chairman Datuk Seri Shamir Kumar Nandy, was voted down by minority shareholders. Shamir owns an indirect 28.89% interest in Turiya.

Turiya had said the acquisition would diversify its income beyond its semiconductor business and help boost revenue and attract tenants.

The company manufactures specialty chemical products for the semiconductor industry, which contributes about 70% to its revenue.

For the nine-month financial period ended March 31, 2026, Turiya recorded a net profit of RM2 million on revenue of RM22.08 million.  

This compared with a net loss of RM26.76 million on revenue of RM33.76 million in the preceding 15-month financial period ended June 30, 2025.  The loss for the period was primarily due to the recognition of a fair value loss of RM39.09 million on the group’s investment property.

Turiya shares last traded at 21 sen on July 29, valuing the group at RM48 million. Year to date, the stock has declined 11%.