KUALA LUMPUR (Jan 15): Batu Kawan Bhd has updated that it now controls 92.14% of Chemical Company of Malaysia Bhd (CCM), after receiving more acceptances for its RM3.10 takeover offer.
With its shareholding rising above 90%, Batu Kawan said it will not be maintaining CCM’s listing on the Main Market of Bursa Malaysia.
“In view of this, Bursa Securities will suspend the trading of the shares upon the expiry of five market days from the closing date of the offer.
“Thereafter, the offeror will procure CCM to take the requisite steps to withdraw its listing status from the official list in accordance with Paragraph 16.07(a) of the Listing Requirements,” Batu Kawan said in a filing today.
The group said the offer will remain open for acceptance until Feb 2.
It was initially set to conclude on Jan 18 but was extended to give more time for shareholders to act, due to the current lockdown.
Batu Kawan announced on Nov 17 that it was buying a 56.32% stake in CCM at RM3.10 apiece or RM292.97 million in total from Permodalan Nasional Bhd, thus raising its stake in CCM to 59.73% from 3.41%.
On the offer’s posting date on Dec 28, Batu Kawan and persons acting in concert held a total stake of 64.55% in CCM.
Shares in CCM finished one sen or 0.32% lower at RM3.08 today, valuing the group at RM516.50 million. CCM saw 171,800 shares traded.
Meanwhile, Batu Kawan closed unchanged at RM18, for a market capitalisation of RM7.19 billion. Batu Kawan saw 9,200 shares done.