Jardine Group to privatise Cycle & Carriage Bintang

KUALA LUMPUR (Nov 11): Cycle & Carriage Bintang Bhd’s (CCB) controlling shareholder Jardine Cycle & Carriage Ltd (Jardine CCL) has proposed to undertake a selective capital reduction and repayment at RM2.20 per share.

In its filing to Bursa Malaysia today, CCB said the proposed selective capital reduction and repayment will pave the way for its privatisation.

CCB said the selective capital reduction and capital repayment will amount to RM2.20 per share held by all shareholders, except for Jardine CCL.

“Upon the completion of the proposed selective capital repayment, Jardine CCL will fully own CCB. Jardine CCL does not intend to maintain the listing status of CCB on the Main Market of Bursa Malaysia,” the company added.

CCB stock was last traded at RM1.29 and hasbeen suspended from trading today.

The price has been depressed in the past few years and is at a 10-year low.

By NST Business - November 11, 2019 @ 3:20pm