Kenanga IB: Takeover offer for Amverton reasonable

TheStar Fri, Feb 14, 2020 09:30am - 4 years View Original


Independent adviser Kenanga Investment Bank Bhd advised the minority shareholders of mid-sized property company Amverton Bhd to accept the takeover offer at RM1.20 a share from its founder and controlling shareholder Tan Sri Ng Thian Hock.

KUALA LUMPUR: The minority shareholders of mid-sized property company Amverton Bhd have been advised to accept the takeover offer at RM1.20 a share from its founder and controlling shareholder Tan Sri Ng Thian Hock(pic).

The independent adviser Kenanga Investment Bank Bhd said yesterday that the RM1.20 a share offer was not fair as it was a significant discount of 68.34% to the estimated fair value per Amverton Share of RM3.79.

Kenanga IB said the realised net asset value (RNAV) for the property, hospitality and plantation segments was based on the assumption Amverton was able to realise all its assets on willing buyer-willing seller basis in the open market at the indicated value.

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