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Hot Stock Puncak rises 3% on RM5.6b KDEB offer

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Hot Stock Puncak rises 3% on RM5.6b KDEB offer Empty Hot Stock Puncak rises 3% on RM5.6b KDEB offer

Post by Cals Fri 22 Nov 2013, 14:12

Hot Stock Puncak rises 3% on RM5.6b KDEB offer
Business & Markets 2013
Written by Zatil Husna of theedgemalaysia.com   
Friday, 22 November 2013 11:16
KUALA LUMPUR (Nov 22): Puncak Niaga Holdings Bhd rose 3% on Kumpulan Darul Ehsan Bhd's (KDEB) proposed RM5.6 billion offer to buy the former's water assets. The rise in Puncak shares is also backed by analysts' upgrade for the stock.

At 10.21am, Puncak changed hands at RM3.44, up 10 sen, with some 3.7 million shares done.

The stock was traded at RM3.46 at 11.12am.

RHB Research has upgraded Puncak to "buy" from "sell" with a higher fair value (FV) of RM5.22. This compares to RM2.51 previously.

“Upon acceptance of the offer, Puncak would receive net proceeds of RM3.78 per share.

“In view of the quantum offered, we advise PNH’s existing shareholders to accept the offer," RHB wrote in a note.

Meanwhile, Kenanga Research maintained its "outperform" call for Puncak with an unchanged FV. This is in anticipation that Puncak will be the prime beneficiary of Selangor's water-asset consolidation.

Yesterday, Puncak said it received two "hand-delivered letters" from KDEB. The letters indicate KDEB's intention to acquire Puncak's 100% stake in Puncak Niaga (M) Sdn Bhd for RM2.48 billion.

KDEB also intends to buy Puncak's 70% stake in Syarikat Bekalan Air Selangor Sdn Bhd for RM3.12 bilion.
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