Naim has 33.63% stake in Dayang.
At noon break, Dayang closed at RM2.43
Dayang total shares outstanding: 550m
Dayang market cap: RM1.3365b (RM2.43 x 550m)
Worth of Naim's investment in Dayang: RM449.46m (1.3365b x 0.3363)
Naim total shares outstanding: 250m
Worth of investment in Dayang per Naim share: RM1.798 (RM449.46/ 250m)
Naim's share price at mid-day closing: RM1.78
This means that investors are getting the construction and property development businesses in Naim, which currently contribute about 2/3 of its total earnings for FREE!
In its book, Naim still has about 2,620 acres of land for development. On top of that, it has 5.2% of treasury shares which could be distributed to reward the shareholders.