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.
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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.
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