KUALA LUMPUR: MMC Corporation Bhd was back in focus early Thursday as its share price rose to a high of RM1.83, which was still below its takeover offer price of RM2.

       At 10.12am, it was trading at RM1.81, up nine sen.

       There were 5.76 million shares done at prices ranging from RM1.80 to RM1.83.

       The FBM KLCI was up 5.39 points or 0.36% to 1,496.72. Turnover was 1.45 billion shares valued at RM573.62mil. There were 395 gainers, 241 losers and 405 counters unchanged.

       In June, Seaport Terminal (Johore) Sdn Bhd (STJ) offered to privatise MMC Corp via selective capital reduction and repayment exercise at RM2 a share.

       At that point in time, STJ held a majority stake in MMC at 51.76%. The proposed exercise will be funded by way of an advance from the STJ to MMC.

       MIDF Research had then said the offer price is RM2 for each MMC share. This translates to an implied valuation of circa RM6.09bil, with an implied price-to-earnings ratio (PER) of 16.7 times.