KUALA LUMPUR, March 24 ― SP Setia Bhd’s share price on Bursa Malaysia gained interest following a news report that Tan Sri Syed Mokhtar AlBukhary has put in an unsolicited proposal to buy a substantial portion of Permodalan Nasional Bhd’s stake in the property company.
As at 10.06 am, SP Setia’s shares rose six sen to RM3.01 with 897,700 lots changing hands.
The news report said Syed Mokhtar has proposed that SP Setia President/ChiefExecutive Officer Tan Sri Liew Kee Sin remain in SP Setia and be his partner in making the bid.
It stated that Syed Mohktar is said to have received the blessings of the top level of government to talk to PNB but he is likely to face headwinds.
It also mentioned that apart from Liew’s decision to not get involved in the bid, Syed Mokhtar will also face strong resistance from PNB, which has its own plans for SP Setia.
Research house RHB Research Institute said it has upgraded SP Setia to “Trading Buy” recommendation with fair value of RM3.54.
“Focus will soon be redirected to PNB’s move in strategising the company.
“Given the undervaluations, Tan Sri Syed Mokhtar is now said to be an interested buyer of SP Setia,” it said in a note today. ― Bernama
