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Bandar Raya Developments (1473.KU) may
rise towards MYR2.90 on news of a potential buyout offer from its substantial
shareholder Ambang Sehati.
The company said late Monday that Ambang Sehati is
finalizing financing, including procuring the necessary approvals for the
funding for a potential takeover offer of voting shares and warrants in BRDB not
already owned by it.
The indicative price is MYR2.90 per voting share and
MYR1.80 for each warrant, the company said in a statement to the Malaysian stock
exchange.
"The indicative price of RM2.90 per voting share is based on the
estimated diluted net tangible assets per share in BRDB," it said. Ambang Sehati
holds about 92.1 million shares, equivalent to about 18.8% in BRDB, according to
its 2011 annual report. The stock ended Monday up 0.8% at MYR2.53
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