KUALA LUMPUR, May 15 (Bernama) -- Multi-Purpose Holdings Bhd's (MPHB) shares advanced to RM4.06 at mid-day break after the company announced the listing of its non-gaming asset, MPHB Capital Bhd (MPHBC).
At 12.30 pm, it was up 10 sen or 2.52 per cent to RM4.06, with 3.03 million shares changing hands.
"With the clearer timeline for listing, we believe demand for MPHB's stock will remain strong and its share price may even surpass our target price of RM4.31 per revalued net asset value share," said Kenanga Research in a note today.
The research house advised investors to hold the stock at least until the entitlement date on May 29.
MPHBC is to be listed on Bursa Malaysia on June 25.
Kenanga Research said strong demand for MPHB stock was likely on the fact that both MPHB and MPHBC would be potentially worth as high as RM6.47.
"The demerger is expected to unlock the group's value while its dividend are set to rise higher on the back of its higher 80 per cent dividend payout policy from 50 per cent currently," it added.
-- BERNAMA
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