Singapore-listed conglomerate Jardine Cycle & Carriage Ltd (JCCL) has proposed to buy out the minority shareholders of its Malaysian vehicle dealer group Cycle Carriage Bintang Bhd (CCB) and take the company private, according to local reports.

JCCL owns a 59.1% stake in CCB, Malaysia's largest Mercedes-Benz dealer group with 13 outlets and also has sales and service outlets for Mitsubishi-Fuso commercial vehicles. CCB is listed on the Malaysianmain stock exchange, Bursa Malaysia Securities Berhad.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

JCCL has put forward a proposal for CCB to carry out a selective capital reduction (SCR) and share buy-back programme at MYR2.20 per share, compared with last Friday's closing price of MYR1.29.

The offer will remain open until December 6th and involves the repurchase of some 41.2 million shares at a total cost MYR90.6m, according to the reports. Once JCCL increases its stake in CCB to 100%, it plans to delist the company's shares from Bursa Malaysia Securities.

Jardine Matheson Holdings Ltd is the ultimate holding company of JCCL.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

Just Auto Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Just Auto Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now