KUALA LUMPUR (May 10): Open Road Asia Sdn Bhd has emerged as a substantial shareholder of Cycle & Carriage Bintang Bhd (CCB) after acquiring a 5.023% stake in the group.
Open Road Asia bought the stake, comprising 5.06 million shares, from the open market last Friday (May 7), CCB notified in a filing with Bursa Malaysia.
The acquisition came in the midst of Jardine Cycle & Carriage Ltd's (Jardine CC) second bid to take over CCB.
Last Friday, CCB's share price surged by as much as 64 sen or 26.56% from its previous day's closing price of RM2.41, before ending the day at RM3.00.
Today, the stock closed down 30 sen or 10% at RM2.70, after trading between RM2.46 and RM2.84.
Nonetheless, the Mercedes-Benz dealer's share price is still higher than the takeover offer price of RM2.40.
Meanwhile, Jardine CC continued to raise its stake in CCB by acquiring another 89,219 shares, or a 0.09% stake, CCB said in a separate filing.
A total of 18,119 shares were purchased from the shareholders that accepted its takeover offer through CIMB Investment Bank Bhd, while the remaining 71,100 shares were acquired from the open market.
Both tranches were acquired at RM2.40 per share, or a total price of RM214,125.
The acquisition raised Jardine CC's shareholding in CCB to 75.61% or 76.17 million shares.
Today's closing price of RM2.70 gives CCB a market capitalisation of RM272 million.