KUALA LUMPUR (Feb 10): TEBRAU TEGUH BHD [] share price rose to a high of 94 sen on Friday, chased up by market players hoping the takeover price of 76 sen could be increased.
Analysts had said the 76 sen offer price had undervalued Tebrau Teguh due to its large landbank in Iskandar Malaysia, the country’s latest property hotspot.
At 3.14pm, it was up 12.5 sen to 93 sen. There were 86.73 million shares transacted at prices ranging from 80 sen to 94 sen.
The FBM KLCI fell 2.7 points to 1,562.62. There were 2.38 billion shares transacted at RM1.73 billion. There were 533 gainers, 339 losers and 316 stocks unchanged.
Tebrau is being taken over by Iskandar Waterfront Holdings Sdn Bhd (IWH), which is buying a 33.15% stake in the company from Kumpulan Prasarana Rakyat Johor Sdn Bhd (KPRJ) for RM168.7 million.
KPRJ, the Johor state investment arm, will remain a major shareholder of Tebrau as IWH is owned by KPRJ and Credence Resources Sdn Bhd, a company controlled by tycoon Datuk Lim Kang Hoo of EKOVEST BHD [].
With the collaboration between Lim and the state investment entity, analysts think Tebrau could potentially be a stock to watch for exposure to Johor.
Analysts had said the 76 sen offer price had undervalued Tebrau Teguh due to its large landbank in Iskandar Malaysia, the country’s latest property hotspot.
At 3.14pm, it was up 12.5 sen to 93 sen. There were 86.73 million shares transacted at prices ranging from 80 sen to 94 sen.
The FBM KLCI fell 2.7 points to 1,562.62. There were 2.38 billion shares transacted at RM1.73 billion. There were 533 gainers, 339 losers and 316 stocks unchanged.
Tebrau is being taken over by Iskandar Waterfront Holdings Sdn Bhd (IWH), which is buying a 33.15% stake in the company from Kumpulan Prasarana Rakyat Johor Sdn Bhd (KPRJ) for RM168.7 million.
KPRJ, the Johor state investment arm, will remain a major shareholder of Tebrau as IWH is owned by KPRJ and Credence Resources Sdn Bhd, a company controlled by tycoon Datuk Lim Kang Hoo of EKOVEST BHD [].
With the collaboration between Lim and the state investment entity, analysts think Tebrau could potentially be a stock to watch for exposure to Johor.
