Posted by Sonny Kwa Eng Hsiong > 2019-07-01 20:33 | Report Abuse

just saw from the EDGE Malaysia today 1 july 2019 evening our khazanah intend to sell UEMS sunrise 66.1% asking price around Rm 1.57 which mean the current share price is 55% less The group is basically Khazanah’s infrastructure and property arm, whose listed assets include UEM Sunrise, in which it has 66.06% equity interest. At its close of 82 sen on June 26, UEM Sunrise had a market capitalisation of RM3.68 billion. At a 20% premium, the group’s 66.06% stake in UEM Sunrise is worth RM2.92 billion. If the group were to sell 51% of the stake at a 20% premium, it would set the buyer back by RM1.49 billion. It is also noteworthy that UEM Sunrise’s net asset value per share as at March 31 was RM1.57, which means the company’s current share price is less than 55% of its NAVPS. In the first three months of FY2019, UEM Sunrise registered a net profit of RM30.1 million on revenue of RM419.26 million. It was previously reported that Jakel Group could be eyeing UEM Sunrise, but given the soft condition of the property market, any acquirer would need considerable financial muscle. Another listed company is UEM Edgenta, whose core business is hospital support and hotel management services. UEM Edgenta ended trading at RM2.66 on June 26, giving the company a market capitalisation of RM2.21 billion. UEM Group’s 69.14% stake in the company is worth RM1.61 billion, but at a 20% premium, it could fetch RM1.93 billion. In its first three months of FY2019, UEM Edgenta recorded a net profit of RM32.66 million on revenue of RM515.88 million.