Mercury Securities said the offer is unfair because the offer price represents a discount of 49.3% to 49.86%, or RM1.75 to RM1.79, from its estimated fair value range.
"As part of on-going business rationalisation and a continuation of the group’s long term growth strategy, the group is in the midst of securing new projects for property, construction and logistics businesses."
Bina Darulaman Bhd (BDB) has issued its maiden sukuk, RM50 million Sukuk Wakalah, the first tranche of the Kedah-based property and construction company's seven-year, RM100 million Sukuk Wakalah Programme.
Asian cities are the most expensive cities for expatriates, according Mercer’s 2017 Cost of Living Survey.
UOL says the deal will bring it closer to its aim of achieving statutory control in UIC in the future.
According to a Bloomberg report, subsidised junkets that once flew in prospective buyers to development sites in Johor have dwindled, while some buyers who have put down money for deposits are mulling cancelling their purchases.
Shares of S P Setia Bhd fell 6.91% in morning trade following its announcement to make a cash call to fund its acquisition of I&P Group Sdn Bhd, and mixed views from analysts on the plan.
The proposed Bandar Malaysia real estate project is on a 194ha (486 acre/21.17 million sq ft) tract within the old airport site in Sungai Besi here.
Hua Yang Bhd emerged as Magna Prima’s largest shareholder in April after raising its stake in Magna Prima to 30.06% from 10.84%.
Malaysian Resources Corp Bhd (MRCB) said its major shareholders Employees Provident Fund (EPF) and Gapurna Sdn Bhd (GSB) will avoid triggering any mandatory general offer (MGO) while they apply for excess rights shares and warrants under the group’s cash call exercise.