KUALA LUMPUR (Feb 2): TEBRAU TEGUH BHD [] shares were actively traded on Thursday after the takeover offer made by Iskandar Waterfront Holdings Sdn Bhd (IWH), which is offering 76 sen per share – or just one sen above Tebrau’s pre-suspension price of 75 sen.
At 9.30am, Tebrau Teguh rose 7.5 sen to 82.5 sen with 22.65 million shares done.
IWH is buying a 33.15% stake in Tebrau Teguh Bhd, comprising of 22 million shares, from Kumpulan Prasarana Rakyat Johor Sdn Bhd (KPRJ). The proposed acquisition would trigger a mandatory take-over offer by IWH for the remaining shares.
While the one sen premium is insignificant, the upside for the low-key Tebrau Teguh is that it has been appointed to develop 413 acres of land in Pengerang, Kota Tinggi, Johor.
Its net asset per share was 75 sen as at Sept 30, 2011 while it had RM44.52 million in cash and bank balances.
At 9.30am, Tebrau Teguh rose 7.5 sen to 82.5 sen with 22.65 million shares done.
IWH is buying a 33.15% stake in Tebrau Teguh Bhd, comprising of 22 million shares, from Kumpulan Prasarana Rakyat Johor Sdn Bhd (KPRJ). The proposed acquisition would trigger a mandatory take-over offer by IWH for the remaining shares.
While the one sen premium is insignificant, the upside for the low-key Tebrau Teguh is that it has been appointed to develop 413 acres of land in Pengerang, Kota Tinggi, Johor.
Its net asset per share was 75 sen as at Sept 30, 2011 while it had RM44.52 million in cash and bank balances.
