KUALA LUMPUR, Nov. 13 -- Shareholders of Genting Malaysia Bhd (GENM) have been advised to reject Genting Bhd's RM2.35 per share offer to privatise the company, according to The Edge.

The Edge reported that Kenanga Investment Bank Bhd (Kenanga IB), acting as the independent adviser for Genting Malaysia, said the voluntary takeover offer is "not fair" as it falls below the company's sum-of-parts valuation.

The advisory also described the offer as "not reasonable", noting that investors could instead realise their investments on the open market.

According to the report, the RM2.35-per-share offer represents a discount of between 32.47 per centand 37.67 per centcompared with Genting Malaysia's estimated value of RM3.48 to RM3.77 per share....