Thursday 28 Mar 2024
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KUALA LUMPUR (July 16): CGSCIMB Research has upgraded Media Prima Bhd to “Hold” at 48 sen with a higher target price of 48 sen (from 34 sen) and said Aurora Mulia, linked to Tan Sri Syed Mokhtar Al-Albukhary, has bought another4.96% stake in Media Prima, making it the largest shareholder.

In a note July 15, the research house said media reports suggest an impending restructuring that could see Syed Mokhtar take control of Media Prima.

The research house said the second possibility of Syed Mokhtar triggering an MGO would be if he asks for control of the board and makes strategic corporate changes.

It said he would then be deemed to have taken control of the company, which would lead to an MGO, unless he applies for an exemption from Securities Commission Malaysia (SC).

“However, we are unsure when this can take place or if Syed Mokhtar plans to emerge as a controlling shareholder.

“A mandatory general offer (GO) seems likely, although the timeline and price are unknown.

“Upgrade to Hold with a higher 48 sen target price (0.7x FY20F P/BV),” it said.

 

 

 

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