Jardine C&C offers to acquire Cycle & Carriage Bintang’s 10% stakes at RM2.70 a share

JARDINE Cycle & Carriage has made an unconditional voluntary take-over offer for the nearly 10 per cent stakes it does not already own in Malaysia-listed Cycle & Carriage Bintang at RM2.70 a share.

Currently, the Singapore-listed offeror holds about 89.994 per cent of Cycle & Carriage Bintang, a Mercedes-Benz dealer listed on Bursa that operates 11 outlets for retail vehicles and provides after-sales services in Malaysia.

The offer at RM2.70 a share would translate to RM27.2 million for the stakes Jardine Cycle & Carriage wants to acquire, said the investment holding company in a bourse filing on Thursday (Jul 14).

The offer, not conditional upon the receipt of any minimum level of valid acceptances, will be funded by internal resources and/or external borrowings. It is not expected to have a material impact on the net tangible assets or earnings per share of Jardine Cycle & Carriage group.

Jardine Cycle & Carriage shares closed S$0.05 lower at S$26.55 on Thursday, while Cycle & Carriage Bintang shares dropped 1.5 per cent to RM2.56, before the offer was announced.