KUALA LUMPUR: Share price of Goh Ban Huat surged 16 sen to RM1.67 in mid-afternoon trade on July 8 as investors hoped for a better offer from Tan Sri Robert Tan Hua Choon, who now owns 33.11% of GBH.

At 2.56pm, it was up 16 sen to RM1.67 with 170,700 shares done. This is a 42 sen increase over Tan’s offer price of RM1.25. The FBM KLCI fell 4.56 points to 1,061.41.

GBH’s board is seeking another offeror as it describes Tan's offer of RM1.25 per share as too low since GBH's net asset value per share is RM2.54.

An independent advice circular is expected to be released on July 25, which will incorporate the valuation of the land.

According to the company’s annual report for fiscal year ended Dec 31, 2008, GBH owns 56,874 sq metres of land with a total net book value of RM119.98 million.

Of the 56,874 sq metres, the report shows that 52,910 sq metres are freehold land and the remaining land are storage yards. Two largest pieces of freehold land, partly occupied by factories, measure 42,224 sq metres valued at RM92.42 million and are in Segambut, Kuala Lumpur.