KUALA LUMPUR (Feb 13): Shares of TEBRAU TEGUH BHD [] rose in early trade on Monday as investors believed the company was more valuable than the 76 sen offer price made by Iskandar Waterfront Holdings Bhd (IWH).
At 9.22am, it was up 1.5 sen to 90.5 sen with 6.64 million shares transacted.
The FBM KLCI shed 0.9 of a point to 1,560.76. Turnover was 404.66 million shares valued at RM172.92 million. There were 196 gainers, 156 losers and 223 stocks unchanged.
Last Friday, Tebrau Teguh rose 6.5 sen to 89 sen in very active trade.
IWH had offered 76 sen for the 33.15% stake in Tebrau Teguh when it acquired the block of shares from Johor government investment arm Kumpulan Prasarana Rakykat Johor.
Investors are hoping that IWH will raise the offer price for the remaining Tebrau Teguh stake. However, that remains to be seen.
Analysts said that there would unlikely be a higher price unless there was another competitor wanting to launch a takeover for Tebrau Teguh, especially now that it had been picked to develop the Johor Baru waterfront which faces Singapore.
However, analysts said Tebrau Teguh was valued more than RM1 based on its landbank which had not been revalued.
At 9.22am, it was up 1.5 sen to 90.5 sen with 6.64 million shares transacted.
The FBM KLCI shed 0.9 of a point to 1,560.76. Turnover was 404.66 million shares valued at RM172.92 million. There were 196 gainers, 156 losers and 223 stocks unchanged.
Last Friday, Tebrau Teguh rose 6.5 sen to 89 sen in very active trade.
IWH had offered 76 sen for the 33.15% stake in Tebrau Teguh when it acquired the block of shares from Johor government investment arm Kumpulan Prasarana Rakykat Johor.
Investors are hoping that IWH will raise the offer price for the remaining Tebrau Teguh stake. However, that remains to be seen.
Analysts said that there would unlikely be a higher price unless there was another competitor wanting to launch a takeover for Tebrau Teguh, especially now that it had been picked to develop the Johor Baru waterfront which faces Singapore.
However, analysts said Tebrau Teguh was valued more than RM1 based on its landbank which had not been revalued.
