KUALA LUMPUR: The leading group of Shell Refining Company (Federation of Malaysia) Bhd and the free counsel have prompted the minority shareholders to dismiss the takeover offer from Malaysia Hengyuan International Ltd.
Autonomous guide AmInvestment Bank said on Thursday the offer cost of RM1.92 per offer share was not reasonable as it was 53.8% to 59.6% beneath the scope of reasonable esteem per share in view of reduced capital (DCF) valuation of amongst RM4.16 and RM4.75 per share.
It additionally said the offer was a 61.13% to 65.76% beneath the end showcase cost and in addition chronicled volume weighted normal value (VWAP) of the shares up to the obtaining declaration, which ran from RM4.94 to RM5.6082.
AmInvest added it was 7.72% to 47.73% beneath the end advertise cost and additionally verifiable VWAPs Refining offers up to the notice's last exchanging date going from RM2.3334 to RM3.6735," it said.
"In view of the DCF valuation, the value esteem inferable from each SRC Share ranges from around RM4.16 to RM4.75," it said.
Shell Refining's board (aside from the intrigued chiefs) likewise agreed with the free consultant's suggestion.
It said the offer was not reasonable and not sensible and "suggests that holders of offer shares dismiss the offer".
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