KUALA LUMPUR (Dec 4): Though Tan Sri Robert Tan Hua Choon has raised his offer for shares in Computer Forms (Malaysia) Bhd (CFM) he does not own, Public Investment Bank Bhd (PIVB) said the offer is still “not fair and not reasonable”.

On Monday, Tan raised his offer to RM1.35 per share from RM1.25 earlier.

In a bourse filing today, CFM said PIVB, as the independent adviser, was of the opinion that the revised offer price represents a discount of 69 sen or 33.82% to the fair value of the group based on the real net asset value (RNAV) valuation methodology of RM2.04 per share.

“Premised on the above, and the information contained in the independent advice circular, PIVB is of the opinion that the revised offer is still not fair and not reasonable. Save for the above, the comments, opinions and recommendation by PIVB as contained in its independent advice letter remain unchanged, and accordingly, PIVB had advised and recommended that the holders reject the revised offer,” said CFM.

The board of directors of CFM concurred with PIVB’s recommendation.

Earlier today, CFM’s share price jumped as much as 21 sen or 18% to touch an almost three-year high of RM1.35.

At 5pm, the counter settled for a 13 sen or 11% gain to close at RM1.27, giving it a market capitalisation of RM52.07 million.