PETALING JAYA: Not fair and not reasonable - this is the view of the independent adviser on the takeover bid of Emas Kiara Industries Bhd by its deputy executive chairman Wong Kong Foo.
In its independent advice circular, HwangDBS Investment Bank Bhd said the offer price of 45 sen represented a discount of 35.71% and 38.36% to the range of equity valuation of Emas Kiara of 70 sen and 73 sen based on the discounted dividend valuation.
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