Jardine Cycle & Carriage (JC&C) has submitted a notice of unconditional voluntary take-over offer to the board of directors of Cycle & Carriage Bintang (CCB) – the group’s business unit in Malaysia.
JC&C currently holds about 89.994% of the issued share capital of CCB, which is currently listed on the main market of Bursa Malaysia Securities. CCB’s principal activities are the retail of vehicles and provision of after-sales services. It is one of the leading Mercedes-Benz dealers in Malaysia with a network of 11 outlets in the country.
Under the terms of the offer, JC&C will seek to acquire all the remaining shares of CCB that it does not currently hold at a consideration of RM2.70 per offer share. In the event of the offer being fully accepted, the total consideration for this take over would stand at about RM27.2 million ($8.6 million).