Jardine Cycle & Carriage makes buyout offer for Cycle & Carriage Bintang

JARDINE Cycle & Carriage has made an unconditional voluntary buyout offer of Bursa-listed Cycle & Carriage Bintang (CCB), a Mercedes-Benz dealer with a network of 12 outlets in Malaysia.

The company listed in Singapore stated in a regulatory filing to the Singapore Exchange on Wednesday that it holds 59.1 per cent of the issued share capital of CCB, and is offering to acquire the stakes that it does not own at RM 2.40 (S$0.78) a share or RM 98.9 million in total if there is full acceptance.

The March 16 closing price of CCB, retails vehicles and provides after-sales services in Malaysia, was RM1.68.

The acquisition will be funded through internal resources and/or external borrowings, and is not expected to have a material impact on the Jardine Cycle & Carriage Group's net tangible assets or earnings per share.

The counter was down about 0.81 per cent to S$22.11 on Wednesday, before this regulatory filing was made.