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Hot Stock MAS soars on Khazanah takeover offer

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Hot Stock MAS soars on Khazanah takeover offer Empty Hot Stock MAS soars on Khazanah takeover offer

Post by Cals Mon 11 Aug 2014, 22:51

Hot Stock MAS soars on Khazanah takeover offer
Business & Markets 2014
Written by Surin Murugiahof theedgemalaysia.com   
Monday, 11 August 2014 09:38

KUALA LUMPUR (Aug 11): Shares of Malaysian Airlines System Bhd (MAS) topped the actives on Monday following the takeover offer by its majority shareholder Khazanah Nasional Bhd.

At 9.13am, MAS rose 8.33 sen or 2 sen to 26 sen, with 128.68 million shares done.

Khazanah offered to acquire all of MAS’s shares that it does not own for 27 sen per share via a proposed selective capital reduction (SCR) exercise.

MIDF Research has recommended investors to accept Khazanah’s offer at 24 sen with a higher target price of 27 sen (from 18 sen).

MIDF Research said the offer translated to 1.3x P/BV, which is above the peer average of 0.95x and our implied P/BV of 0.9x.

“Accept the offer as we think the flight operation is unlikely to turnaround in the near term given the challenging environment.

“The privatisation would allow for better maneuverability to restructure and could result in the non-core business division being spin-off and management structure reorganised,” it said.
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