Still not yet bought? Time running short.. The operator is washing out weak holders, they purposely press down a bit.. If you wish to challenge, buy in at RM 2.0x.. Last time to accumulate..
David vs Goliath in CCB privatisation stalemate July 12, 2021 18:00 pm +08
“This is why we are willing to share our investment strategy. As a united group, the minority shareholders have the required dissenting votes to thwart any attempt to privatise the company again. All we as an investor want is a commendable offer price close to the EV of RM4.65 a share,” says Goh.
Based on the Record of Depositors dated 18 February 2022 (latest practicable date), the public shareholding spread of the Company remained at 10.97% and that the Company has yet to comply with the public shareholding spread requirement.
Unless otherwise stated, the terms used herein shall have the same meanings as those set out in the Company's announcements dated 30 April 2021, 25 June 2021, 28 July 2021, 1 November 2021 and 29 November 2021 (“Announcements”).
As announced on 29 November 2021, Bursa Securities has vide its letter dated 29 November 2021 granted the Company a further extension of time of six (6) months from 28 October 2021 until 27 April 2022, to comply with the public shareholding spread requirement pursuant to Paragraph 8.02(1) of the Listing Requirements.
Based on the Record of Depositors dated 18 February 2022 (latest practicable date), the public shareholding spread of the Company remained at 10.97% and that the Company has yet to comply with the public shareholding spread requirement.
With JCCL’s current level of shareholding, any rectification proposal will not be successful without its support. Accordingly, the Company has engaged with JCCL on several occasions on the public shareholding spread shortfall and requested JCCL to formally inform the Company of their intention and plans with regards to CCB. As JCCL has not provided any plans on its intention with regards to CCB, the Company has not identified a feasible rectification plan at this juncture and will continue to engage with JCCL on the possible solution with regard to the listing status of the Company.
The Company will make the necessary announcements in relation to the status of its efforts to comply with the public shareholding spread requirement for each quarter of the Company’s financial year in compliance with the Listing Requirements.
CCB shares climbed trading session last Friday, from RM2.10 to high RM2.38 and close the day at RM2.31 apiece. To recap, in March 2021, Jardine CCL made a fresh bid to privatise CCB — one of the country’s largest dealers of Mercedes-Benz vehicles — at RM2.40 per share or RM241.79 million.
Goh mention that this third time around, the offer price will be so good that we will also sell. Why? JCCL simply just needs to buy 7.87% more shares to force a compulsory acquisition. After two failed privatisation manoeuvres in a row, do you think JCCL will afford to let it go up in smoke for the third time after increasing their stakes from 59.1% to 88.04%?” he asks.
“This is why we are willing to share our investment strategy. As a united group, the minority shareholders have the required dissenting votes to thwart any attempt to privatise the company again. All we as an investor want is a commendable offer price close to the EV of RM4.65 a share. In the mid-90s, Nasimuddin came to know that Daimler AG — parent company of Mercedes-Benz Passenger Cars — was going to reorganise its distributorship network in Asia, whereby the lucrative importership and distributorship of CCB would be terminated, in exchange for a 49% stake in Mercedes-Benz Malaysia Sdn Bhd (MBM),” he recalls.
Under the deal, CCB was transformed into a Mercedes-Benz dealer with no voting rights in the affairs of MBM, but it would be entitled to fixed dividends amounting to RM22.1 million whenever MBM declares a dividend, Goh explains.
“Seizing the opportunity to be appointed as the approved permit (AP) holder for imported Mercedes-Benz models into Malaysia (as MBM is not a 100% bumiputera-controlled entity), the late Nasimuddin went on a buying spree to acquire a lot of CCB shares in the open market, and made himself and Naza group a substantial shareholder of CCB back then. CCB’s share price surged as high as RM19.50 per share in 1997,” Goh says.
Note that the issued share base of CCB has remained at 100.74 million shares over the past 25 years. But today, CCB is only trading at about RM2.31.
At the end of the day, we are all businessmen who look at the bottom line, not to make foes. But if you are not willing to make a good offer, that’s fine too as we see long-term value in CCB. say Mr. Goh...Mercedes, parent co is talking a deal with Tesla
like this type of buying by the JCCL, soon the shares will be depleted. I was wondering why sellers want to sell at this price RM 2.40. If you want to earn profit in stock market, you need to challenge, no free lunch. Refer to the earlier two offering, share price will at least worth at least RM 2.40, so WHY SELL NOW at RM2.40
imagine If there is another party comes and also buy in to disrupt the supply of the shares, the share price will shoot up due to shortage of shares...if you sell now you may lose the opportunity to self-witness this historical event..
SOMEONE IS SELLING AND JCCL BUY. THE QUESTION IS THE OFFER PRICE THIS TIME. RM2.40, RM2.60 or RM3.60 or RM4.65. THE PARENT COMPANY ALREADY NREARLY CONTROL 90%. SO THE SHARE IN THE MARKET IS GETTING LESS AND LESS.
Disregard any other assets and liablities, if i sell Malaysia's Mercedes Benz car sole dealer right to you, how much would you accept? Let say RM 300 million, would you like to buy it? That selling price is equivalent to RM 3 per share
Mercedes Benz Sales Year 2017 12,067 units Year 2018 13,118 units Year 2019 10,535 umits
Let say one car profit RM 20,000 and assume per year sell 12,000 cars. Profit = RM 20000 x 12000 cars= RM 240 million Let say ROE = 15%, therefore car dealer price = RM 1,600,000,000 (RM 240 million/0.150)
Revalued land and building = RM 500 million
RM 1,600,000,000 + RM 500 million = RM 2,100,000,000
Enterprise value = RM 2,100,000,000/100 million shares =RM 21 per share
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