Bloomberg News

PNB Says Buyout Offer for SP Setia Shares ‘Fair and Reasonable’

September 29, 2011

Sept. 30 (Bloomberg) -- Permodalan Nasional Bhd. said its buyout offer of 3.90 ringgit a share for Malaysia’s SP Setia Bhd. is “fair and reasonable,” according to an e-mailed statement last night.

The offer translates into a price-earnings multiple of 19.8 times, compared to the Kuala Lumpur Property Index’s PE of 9.8 times, it said. Permodalan, or PNB, is “confident” of SP Setia’s management and wants the latter to have an “undivided focus” on maximizing shareholders’ value, it said.

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


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