Bandar Raya Developments May Rise On Potential Buyout

31 Jul 2012

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