Malaysian Prime Minister Mahathir Mohamad has announced his resignation, paving the way for a possible formation of a new government.

Mahathir said in a two-line statement that he had informed the country's king of his resignation at 1 p.m. Kuala Lumpur time (05:00 GMT) on Monday.

In a new development, Mahathir has also reportedly resigned from his own party, Parti Pribumi Bersatu Malaysia, according to Reuters news agency, citing three sources. 

Mahathir's party also announced that it was quitting the ruling government coalition, Pakatan Harapan (Alliance of Hope), casting doubt on the future of the partnership.

Mahathir's decision follows a weekend of political wrangling, after it was reported on Sunday night that his party was planning to form a new government that would exclude his anointed successor, Anwar Ibrahim.

Earlier on Monday, Mahathir and Anwar held a meeting at the prime minister's residence, before the latter held talks with the king.

Emerging from his meeting with the country's king on Monday afternoon, Anwar said he was with Mahathir when he tendered his resignation.

Anwar also said that Mahathir has no plans to join with anyone from the previous ruling coalition he defeated to try to form a new government.

When asked if Mahathir was responsible for the current political turmoil, Anwar blamed "those within my party and outside using his name."

"And he [Mahathir] reiterated what he had said to me earlier, he played no part in it. He made it very clear, that in no way would he work with those associated with the previous regime."

(Source: al Jazeera)