KUALA LUMPUR (Aug 29): Cycle & Carriage Bintang Bhd’s (CCB) said trading of its shares will be suspended with effect from next week.
“Trading of CCB shares will be suspended with effect from 9am, Monday, Sept 5, pursuant to Paragraph 16.02(3) of the Main Market Listing Requirements,” the company said in a filing with Bursa Malaysia.
This comes after Jardine Cycle & Carriage Ltd (Jardine CCL) succeeded in garnering 95.49 million shares or a 94.78% stake in CCB when the takeover offer ended on Aug 25.
It was Jardine CCL's third attempt to take CCB private. The latest offer price of RM2.70 per share is higher than the previous offer prices of RM2.20 and RM2.40.
CCB previously said its shares will be suspended from trading after five market days from the closing of the takeover offer, and the group will take steps to withdraw its listing status.
On Aug 15, independent adviser Kenanga Investment Bank Bhd said the takeover offer at RM2.70 per share is “not fair but reasonable”, after taking into account that the offeror does not intend to maintain CCB’s listing status.
At the time of writing on Monday (Aug 29), CCB, which has risen 25.58% year-to-date, was trading up one sen or 0.37% at RM2.70, with some 38,000 shares traded.
At RM2.70, the company is valued at RM272.01 million.