MMC shares up after Syed Mokhtar offers to take company private | Malay Mail

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KUALA LUMPUR, June 4 ― Shares of MMC Corporation Bhd were higher following an announcement that Seaport Terminal (Johore) Sdn Bhd (STJ) had intended to take MMC private via selective capital reduction and repayment exercise. MMC has received a letter from its controlling shareholder, STJ, a...

KUALA LUMPUR, June 4 ― Shares of MMC Corporation Bhd were higher following an announcement that Seaport Terminal Sdn Bhd had intended to take MMC private via selective capital reduction and repayment exercise.

MIDF Research, in a note today, said the proposal by STJ is appealing and a great value unlocking mechanism for a counter that is persistently trading at discounted valuation.“A key risk to our call is a rejection of the proposed exercise by the shareholders, price revision on the offer and competing bid for the privatisation of MMC,” it said.

As at May 28, 2021, MMC’s issued share capital stood at RM2.3 billion, comprising three billion shares. MIDF Research maintains a “buy” call on the company with a target price of RM2 per share, believing that MMC is a diamond in the rough.

 

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