“We continue to favour YTL Corp as a beneficiary of the infrastructure upcycle due to its dominant share of domestic cement supply and its strategic venture into data centres as well as renewable energy via its utilities division.

“We view the proposed acquisition of NSL as a positive move for YTL,” the investment bank said in a statement today.

MIDF Amanah also maintained a target price of RM4.19 for YTL Corp.

YTL Corp stated that the proposed acquisition offers a unique opportunity for expansion through YTL Cement and its subsidiaries into the industrialised building system sector in Malaysia, Dubai, Finland and Singapore.

“It also facilitates the expansion of YTL Cement’s environmental services business into Singapore through NSL’s environmental service operations, providing synergistic advantages,” the company said in a recent Bursa Malaysia filing.

At 10.29am, YTL Corp’s share price declined by five sen to RM3.59, with 3.52 million shares traded.