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Categories
| Bernas up on privatisation hopes |
| Business & Market 2009 | |||
| Written by Joseph Chin | |||
| Friday, 31 July 2009 10:10 | |||
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At 10.04am, the share price was up 10 sen to RM1.96. There were 286,200 shares done at prices ranging from RM1.90 to RM2. On July 30, International Trade and Industry Minister Datuk Mustapa Mohamed said Bernas planned to buy back part of the 31% stake held by Hong Kong registered Wang Tak Co.Ltd. OSK Investment Research said with Wang Tak overtaking Tan Sri Syed Mokhtar's Budaya Generasi as the largest shareholder of Bernas, a Berita Harian report said various parties are asking the Government to seriously look into Bernas' shareholding structure. "We believe Wang Tak is unlikely to be successful in the event it triggers a GO but it's possible that there may be share buy backs, placements to Government-linked funds or the company may be privatised. An indicative privatisation target price would range from its Book Value of RM1.98 to a 10 times FY07 EPS of RM2.20," it said.
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