Shares of Faber Group Bhd shot up 30 per cent to hit the upper trading limit after UEM Group Bhd offered to sell it two companies in which UEM is a major shareholder for up to RM1.15 billion.

The infrastructure facility services firm told the stock exchange on Monday it received an offer from UEM, which wants to sell its entire stake in Opus Group Bhd - an asset manager for highways in Malaysia and overseas - and 100 per cent owned PROPEL, the country's largest highway maintenance firm.

"We view the development positively, noting that the acquisition would allay concerns over the group's earnings sustainability due to its dwindling asset base," PublicInvest Research said in a note on Tuesday.

"Our back-of-the envelope calculation suggests that post-acquisition, the group would be worth RM2.45 per share, assuming a conservative 10 times multiple to Opus and PROPEL's earnings contribution in 2014," the research house added.

The shares of Faber, which is also involved in property development, traded at RM2.34 per share at 11.30am in Kuala Lumpur, the highest level this year, while the benchmark index dropped 0.25 per cent.-- Reuters