KUALA LUMPUR (JULY 31): Bandar Raya Developments Bhd shares rose on Tuesday after the company said that its substantial shareholder, Ambang Sehati Sdn Bhd ("Ambang Sehati") had informed it that the latter was in the midst of finalising the financing, including procuring the necessary approvals for the funding for a potential takeover offer of voting shares and warrants in BRDB not already owned by it.
At 9.15am, BRDB was up 19 sen to RM2.72 with 580,900 shared traded.
Measnwhile, its warrants rose seven sen to RM1.64 with 556,500 units done.
BRDB On Monday said it had also been informed by Ambang Sehati that the indicative price was RM2.90 per voting share and the warrants at the corresponding indicative price of RM1.80 per warrant.
The indicative price of RM2.90 per voting share is based on the estimated diluted net tangible assets per share in BRDB.