Friday 29 Mar 2024
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KUALA LUMPUR (Nov 7): Kumpulan Powernet Bhd's share price rose as much as 22 sen or 15.94% to RM1.60 today before paring losses, after independent adviser Mercury Securities Sdn Bhd told minority shareholders to accept the RM1-a-share takeover offer from Serba Dinamik Holdings Bhd group managing director and chief executive officer Datuk Dr Mohd Abdul Karim Abdullah.

At 5pm, warp-knitted fabric manufacturer Kumpulan Powernet's share price closed at RM1.57, among top gainers across Bursa Malaysia. The stock saw some three million shares traded.

On Monday (Nov 4), theedgemarkets.com, quoting Mercury Securities' independent advice circular to Kumpulan Powernet shareholders, reported that Mercury Securities recommends Kumpulan Powernet shareholders to accept the offer, which is deemed "fair" and "reasonable".

"According to Mercury Securities, the offer of RM1 per share is fair, as it is higher than the estimated value of the shares.

"Based on the RNAV (revalued net asset value) methodology, Mercury Securities has derived an estimated fair value in the group of RM30.1 million, which translates to 40 sen per share, and the offer price of RM1 represents a premium of 150% over the estimated fair value per share," theedgemarkets.com reported.

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