Frasers Group has announced the sale of its entire stake in Sports Direct Malaysia in a transaction valued at $150 million (£113 million). The company confirmed it would transfer 100 percent of its ownership to MAP Active, its existing business partner in the region.

Frasers Group and MAP Active have collaborated across various markets in Southeast Asia, with MAP Active playing a significant role in the group's regional operations. The sale marks Frasers Group's exit from the Malaysian market through this specific venture, though details regarding future strategic plans in Southeast Asia were not disclosed.

The transaction is part of Frasers Group's ongoing efforts to optimize its portfolio and focus on core markets. The agreement is expected to be finalized in the near term, subject to customary regulatory approvals and closing conditions.

MAP Active has been a key partner for Frasers in expanding Sports Direct’s presence in Southeast Asia, and the acquisition positions MAP Active to assume full control of the Malaysian business. Further information on how the change in ownership will affect the operational or strategic direction of Sports Direct Malaysia has not been released.