Sept. 29 (Bloomberg) -- SP Setia Bhd., Malaysia’s biggest listed developer by sales, rose in pre-market trading after shareholder Permodalan Nasional Bhd. offered 3.90 ringgit a share in a buyout bid.

The stock was offered at 3.90 ringgit at 8:32 a.m. in Kuala Lumpur. The shares were suspended yesterday. SP Setia said the offer by Permodalan, or PNB, undervalues the company and will seek a competing offer.

To contact the editor responsible for this story: Chan Tien Hin at thchan@bloomberg.net