Frasers Group has agreed to sell its entire interest in Sports Direct Malaysia to strategic partner MAP Active (PT MAP Aktif Adiperkasa Tbk) for approximately US$150 million (~A$217 million), subject to final completion adjustments.
This comes as Frasers pursues a takeover bid for its ANZ licence partner, Accent Group.
Under the Malaysia deal, Frasers will enter a long-term agreement under which MAP Active will further grow and develop Sports Direct in the country, with a continuing income stream payable back to Frasers Group. The sale builds on Frasers' existing partnership with MAP Active, which already operates Sports Direct across Indonesia, the Philippines, Thailand, Vietnam and Cambodia.
Frasers Group CEO Michael Murray said the transaction deepens the group's relationship with MAP Active.
"MAP Active is a valued strategic partner, and this transaction further deepens our relationship as we accelerate Sports Direct's growth across Southeast Asia," Murray said. "Together, we are creating a strong platform to deliver our ambitious growth plans."
PT Mitra Adiperkasa Group CEO, V.P. Sharma, said the deal strengthens MAP Active’s relationship, leveraging its regional retail network and local expertise to expand Sports Direct's presence.
Frasers’ step-back from direct ownership in Malaysia in favour of a licensed-partner structure marks a different posture to the one Frasers has taken with its Australian and New Zealand partner, Accent Group.
Frasers first entered the Accent share register in August 2024, when it acquired Brett Blundy's 14.65 per cent stake in the company. That relationship was formalised the following year, when Frasers agreed to increase its shareholding in Accent to 19.57 per cent, with the updated stake used to fund the initial roll-out of the Sports Direct business in ANZ.
Accent was granted the right to manage Sports Direct locally for an initial 25-year term, with an initial plan for 50 stores over six years.
The rollout began in November 2025, and Accent has since revised its store targets under its 2030 Strategic Growth Plan, with the target now being eight stores by December 2026 and 30 stores within three years, before reaching a 50- to 100-store ambition "over time."
Rather than stepping back as it has in Malaysia, Frasers has continued building its position in Accent. Frasers and its associates currently hold approximately 22.9 per cent of Accent shares, and launched an on-market takeover bid for the remainder of the company on June 15 at $0.65 per share. The offer period runs through the month of July.
Accent's independent board committee (IBC) has rejected the offer, with the retailer arguing Sports Direct ANZ has become a key driver of future value and that Frasers is uniquely positioned to understand its earnings potential through its existing commercial relationship.
The IBC has separately argued that the UK company is seeking to increase its exposure to and control of Accent's Sports Direct license, which the Australian conglomerate called a strategic asset and a core driver of its value opportunity.