KUALA LUMPUR: Affin Research has maintained its Buy call on Gamuda with a target price of RM5.43, it said on Tuesday.
Affin said Gamuda announced that as at the cut-off date yesterday, the company and Permodalan Nasional Bhd (PNB) could not execute a definitive agreement for the acquisition up to 20% equity interest in Kesas Holdings.
“It however added that Gamuda will continue to use its best efforts to obtain acceptance from PNB and Perbadanan Kemajuan Negeri Selangor (PKNS) for the takeover of their respective equity interests in Kesas.
It added failure to complete the acquisition of PNB’s stake in Kesas meant that the impact would be cut by half.“Amcorp Properties had earlier accepted Gamuda’s offer to acquire its 20% equity interest in Kesas for a revised consideration of RM280m cash,” it said.
“It may be less if Gamuda has to raise its offer price to acquire PNB and PKNS’s equity interests,” it said.