PETALING JAYA: Cycle & Carriage Bintang Bhd (CCB) has received takeover offer from Jardine Cycle & Carriage Ltd at RM2.70 a share, 12.5% increase from previous offer.
“As at July 12, 2022, CCB has an issued share capital of RM124,601,500 comprising 100,744,500 shares, of which the offeror holds 90,663,953 shares, representing approximately 89.994% equity interest in CCB,” the company said in a filing with Bursa Malaysia on July 21.
Jardine has previously made an offer at RM2.40 per share in March 2021 to acquire all the remaining shares in CCB not already held by Jardine.
However, Bursa’s 25% public spread requirement was not complied with. The public shareholding spread of CCB is 10.006%. CCB has sought several extensions of time from Bursa Securities to comply with the requirement.
Bursa Securities has granted CCB an extension time of six months from April 28, 2022 until Oct 27, 2022. Following the close of the offer on June 2021, Jardine only managed to hold 88,692,153 shares, representing 88.04% equity interest in CCB from 66.47%.
The company said the successful delisting of CCB will allow CCB and Jardine to dispense the compliance costs associated with maintaining CCB’s listing status.
“Such cost reduction measures are in line with the broader need to streamline and improve the operational efficiency of CCB given the challenging economic and operating environment faced by CCB,” the company added.
Jardine first attempt to privatise CCB was in November 2019 via proposed selective capital reduction (SCR) exercise at RM2.20 per share.
The notice was issued by CIMB Investment Bank Bhd on behalf of Jardine.
