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MAS privatisation Take up Khazanah offer, Maybank IB tells shareholders

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MAS privatisation Take up Khazanah offer, Maybank IB tells shareholders Empty MAS privatisation Take up Khazanah offer, Maybank IB tells shareholders

Post by Cals Fri 08 Aug 2014, 17:35

MAS privatisation Take up Khazanah offer, Maybank IB tells shareholders
Business & Markets 2014
Written by Surin Murugiah of theedgemalaysia.com   
Friday, 08 August 2014 11:57

KUALA LUMPUR (Aug 8): Maybank IB Research has advised investors to accept Khazanah Nasional Bhd’s offer of 27 sen per Malaysian Airline system Bhd share it does not already own to take the airline private.

In a statement Friday, the state investment arm, which owns 69.37% of MAS, said it had submitted a formal request to MAS to undertake a selective capital reduction and repayment exercise.

Maybank IB analyst Mohshin Aziz in a note to clients said the long-awaited privatization by Khazanah Nasional would cost the state fund roughly RM1.4 billion to buyout shares that it doesn't already own.

He said the offer was unconditional, and will be pushed for completion as soon as possible.

“Go for it, take the offer and say thank you.. We have did an analysis on the sum-of-parts value of the Company a while ago and derive a value of RM4.1 billion or 25 sen.

“Therefore, Khazanah's offer of 27 sen is fair and in fact a nice 8% premium to our fair value,”he said.

Mohshin however added that any hope for a revised upward offer would not materialise, as its 2Q14 financial results to be released later this month would be awful and perhaps the worst in its history.

“When that happens, it will definitely spook everyone and evaporate any hope for a revised offer,” he said.
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