Intega Group (ASX:ITG) share price jumps 13% on latest update

Time to take a strategic look at things.

| More on:
rising asx share price represented by happy woman dancing excitedly

Image source: Getty Images

The Intega Group Ltd (ASX: ITG) share price is pushing higher today following its recent update.

At the time of writing, the Intega share price is trading hands at 51.5 cents, up 12%.

What’s lifting the Intega share price?

Intega Group is an engineering services provider offering environmental testing, geotechnical engineering, quality assurance, etc.

Investors are buying up Intega’s shares today after the company announced it has commenced a strategic review.

The decision follows increased activity and interest in the sector. Intega’s chairman, Neville Buch said:

“Intega is performing well, and the business is ideally positioned to benefit from the strong pipeline of infrastructure investment in the US and Australia. The business has significant organic and inorganic growth potential, particularly in our core US markets as well as adjacencies. The board however believes that the business is undervalued by recent prices at which Intega shares have traded on the ASX…”

Additionally, the review’s objective is to evaluate options for maximising shareholder value – including exploring ownership options for Intega.

The company’s largest shareholder, Crescent Capital Partners, has supported the decision. Greenhill & Co have been engaged for financial advisory. While Intega has also gone with Gilbert + Tobin for its legal advisory.

Taking a card from Cardno

That interest in the sector that Intega is referring to might be relating to Cardno Limited(ASX: CDD). With a market capitalisation of $340 million, Cardno is the bigger engineering company, which previously owned Intega.

Cardno also announced this morning that it would be conducting a strategic review after receiving numerous approaches from interested parties.

While the Intega share price is rising, the company noted there is no certainty of any particular outcome or transaction.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of May 24th 2021

Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Gainers