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Hot Stock S P Setia rises on report Syed Mokhtar eyeing stake
by Cals Tue 25 Mar 2014, 00:41
| Hot Stock S P Setia rises on report Syed Mokhtar eyeing stake |
| Business & Markets 2014 |
| Written by Surin Murugiah of theedgemalaysia.com |
| Monday, 24 March 2014 09:20 |
KUALA LUMPUR (March 24): S P Setia Bhd was among the top gainers in early trade on Monday after the Edge weekly in its latest edition had reported that Syed Mokhtar has put in an unsolicited proposal to buy a substantial portion of Permodalan Nasional Bhd’s stake in the property giant.
At 9.05am, the stock rose 10 sen to RM3.05 with 225,400 shares done.
Meanwhile, RHB Research has upgraded S P Setia Bhd to a Trading Buy with a fair value of RM3.54 and said that apart from the usual market expectations of I&P group of companies being injected, Tan Sri Syed Mokhtar Albukhary is now said to be an interested buyer of SP Setia.
Citing sources, the Edge had said Syed Mokhtar was believed to have received the blessing of the top level government to talk to PNB, but also that he was likely to face headwinds.
In a note Monday, the research house said that while current valuations have largely reflected the loss of key management personnel, the focus will soon be redirected to PNB’s move in strategising its substantially-owned investee company.
“We upgrade SP Setia to Trading Buy with an unchanged fair value of RM3.54,” it said.
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