Malaysia's MAA Group Bhd. unit Columbus Capital Singapore Pte Ltd. agreed to sell its 47.95% stake in Australia-based Columbus Capital Pty Ltd. to Consortia Group Holdings Pty Ltd. for A$21.0 million in cash.
Under the transaction, Columbus Capital Singapore will sell 24,336,000 shares of Columbus Capital to Consortia Group. The proposed transaction is expected to close Dec. 20. The buyer will pay A$19.5 million at completion and the balance in 12 months thereafter.
MAA Group said the proposed deal allows it to realize the value of its investment in Columbus Capital at a satisfactory price. The company expects to use proceeds from the proposed sale for future investments.