Bursa Malaysia Stock Watch
SP Setia (HOLD) - Closing of the general offer
kltrader
Publish date: Tue, 20 Mar 2012, 11:00 AM
kltrader
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SP Setia (HOLD)
Closing of the general offer
- PNB's GO ("General Offer") for SP Setia at RM3.95 per shareofficially closed on 19th Mar 2012, with overall acceptance level clocking inat 78.95%.
- Given that this causes free float to fall below 25%, the Joint Offerorswill need to issue a proposal to resolve this issue, given that they haveundertaken to maintain the listing status of SP Setia.
- We regard the closure of the GO as positive as it allows SP Setia tofully focus on meeting their RM4.0bn sales target for 2012. But at thesame time, a free float of 25% would mean SP Setia's free-float adjusted marketcap stands at RM1.83bn vs. RM2.83bn for UEM Land.
- We maintain our HOLD recommendation and target price of RM3.95, which isthe offer price.
Source: HLIB Research 20 March 2012
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