Jardine Cycle & Carriage loses Cycle & Carriage Bintang privatisation bid

REGIONAL automotive dealer Jardine Cycle & Carriage's bid to privatise its Malaysian arm was stymied at a shareholder vote on Tuesday, it said in a bourse filing.

Its plan from late-2019 to take Bursa Malaysia-listed Cycle & Carriage Bintang (CCB) private for RM90.6 million (S$30.2 million) or RM2.20 per share prompted an extraordinary general meeting for CCB.

But Jardine C&C has now confirmed that the exercise will not proceed, as a special resolution on the planned share-capital reduction and repayment exercise did not pass muster.

The resolution was voted down by investors holding 13.18 per cent of all "disinterested shares", CCB said in a separate announcement. For the bid to have succeeded, no more than investors holding no more than 10 per cent of such shares could have voted "nay".

The resolution also failed to meet the requirement that it be approved by at least half of the disinterested shareholders by number, and 75 per cent by value of their votes.

CCB shares ended the day at RM1.58, down RM0.04 or 2.47 per cent, after trading resumed on Tuesday afternoon. Jardine C&C shares fell S$0.19 or 0.65 per cent to S$28.89.