CYCLE & CARRIAGE BINTANG BHD

KLSE (MYR): CCB (2925)

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3 people like this.

1,564 comment(s). Last comment by verbatin1969 2023-09-23 22:48

Hafid

1,130 posts

Posted by Hafid > 2022-08-09 14:11 | Report Abuse

you know in 2011 hong leong takeover the eon capital bank where although the privatization go through but after few month the offer price increase again by 6%

Hafid

1,130 posts

Posted by Hafid > 2022-08-09 14:13 | Report Abuse

i believe that ccb want the shareholder to accept it before the dateline. the one not yet accept maybe will have higher $$ although delisted already

Nepo

3,280 posts

Posted by Nepo > 2022-08-10 08:13 | Report Abuse

Non current assets of the co = current liablitites + long term debt.
leaving behind is the revalue value of the company lands and buildings and Malaysia's Mercedes car dealer price which was calculated as above.

The financial position of the co is not complicated.
very easy to know the financial position of the company

Nepo

3,280 posts

Posted by Nepo > 2022-08-12 05:46 | Report Abuse

Soon this share will be listed,but i, going to die die hold to see what will happen next. Hopefully can reap this mature fruit in the coming decades..

Good bye ladiesand gentlemen

Nepo

3,280 posts

Posted by Nepo > 2022-08-16 08:56 | Report Abuse

Takeover offer for Cycle & Carriage Bintang 'not fair but reasonable', says independent adviser
KUALA LUMPUR (Aug 15): The takeover offer for Cycle & Carriage Bintang Bhd (CCB) at RM2.70 per share is “not fair but reasonable”, independent adviser Kenanga Investment Bank Bhd (Kenanga IB) said in a circular to CCB’s shareholders on Monday (Aug 15).

The RM2.70 offer price by Jardine Cycle & Carriage Ltd (Jardine CCL) — the offeror — represents a discount of RM1.26 or 31.76% to the estimated revised net asset value (RNAV) per CCB share of approximately RM3.96.

“Therefore, we are of the opinion that the offer price is 'not fair' as the offer price is lower than the fair value per CCB share as indicated by the estimated RNAV. Holders would be forgoing the opportunity to fully realise their investments at the estimated RNAV per CCB share by accepting the offer at RM2.70 per offer share,” it said.

Having said that, Kenanga IB highlighted that shareholders should take note that the estimated RNAV represents the fair value of the CCB group’s assets with the deemed presumption that CCB is able to sell all its assets on a willing buyer-willing seller basis in the open market in the immediate to medium term at the indicative market values.

“Hence, there is no absolute assurance that CCB will be able to realise the full value of the estimated RNAV for each CCB share. Furthermore, there is no assurance that the share market would reflect the fair value of CCB shares in the future,” said the independent adviser.

While the offer is deemed “not fair”, Kenanga IB said the offer is “reasonable” based on the historical price of the CCB shares for the last 12 months up to the last trading date.

The independent adviser said the offer price of RM2.70 represents a premium of between two sen and 1.86 sen over the last traded market price of CCB shares on the latest practicable date (LPD) of RM2.68, and the five-market day volume weighted average market price of CCB shares up to and including the LPD of RM2.6814.

Besides that, taking into account the previous offers received by CCB, Kenanga IB said this offer is reasonable given that the offeror does not intend to maintain the listing status of CCB on the Bursa Main Market on top of the fact that the special resolution in respect of the selective capital reduction was not carried through at the extraordinary general meeting held then.

“The offeror [also] did not meet the acceptance level which would have enabled them to withdraw CCB’s listing status from the Official List or to invoke the provisions of subsection 222(1) of the CMSA [Capital Markets and Services Act] to compulsorily acquire any remaining CCB shares under the previous VO (unconditional voluntary takeover offer) from the then dissenting shareholders,” Kenanga IB added.

Therefore, Kenanga IB said that the offer represents an opportunity for the shareholders to realise their investment in the offer at RM2.70 each, which is a price higher than the previous offers.

The offer is also seen as reasonable because Jardine CCL has received valid acceptance under the offer amounting to 91.68 million shares, representing 91.001% of CCB shares as at Aug 5, and it does not intend to maintain the listing status of CCB on the stock exchange.

The independent adviser also highlighted that CCB shares are relatively illiquid as the average month trading liquidity of CCB shares of 4.9% is lower than the average trading liquidity of the consumer products and services sector for the past 12 months up to June 2022 of approximately 15.83%.

Accordingly, it advises the non-interested directors to recommend the holders to accept the offer.

CCB is principally involved in retailing of motor vehicles, sale of spare parts and servicing of vehicles.

Jardine CCL made a third attempt to take CCB private last month at a higher offer price of RM2.70 per share, up from RM2.40 in its previous bid last year.

CCB had received an unconditional voluntary takeover bid notice on July 14 from Jardine CCL, which already owns 90.66 million shares or an 89.994% stake in CCB as of July 12, to acquire the remaining 10.08 million shares in the company. The offer is valued at RM27.22 million at RM2.70 per share.

Jardine CCL was unsuccessful with its takeover bid last year as it only managed to increase its stake from 66.47% to 88.04% despite extending the offer period three times.

Jardine CCL's first attempt to take CCB private in November 2019 was through a proposed selective capital reduction (SCR) and repayment at RM2.20 per share.

At the time of writing on Monday, CCB shares were unchanged at RM2.70, with a market capitalisation of RM272.01 million. The counter has risen 25.58% year-to-date from RM2.15.

Esther Lee

Nepo

3,280 posts

Posted by Nepo > 2022-08-16 09:02 | Report Abuse

Extract:
"The RM2.70 offer price by Jardine Cycle & Carriage Ltd (Jardine CCL) — the offeror — represents a discount of RM1.26 or 31.76% to the estimated revised net asset value (RNAV) per CCB share of approximately RM3.96.

Having said that, Kenanga IB highlighted that shareholders should take note that the estimated RNAV represents the fair value of the CCB group’s assets with the deemed presumption that CCB is able to sell all its assets on a willing buyer-willing seller basis in the open market in the immediate to medium term at the indicative market values."
=============..============
RNAV already worth RM 3.96, this amount still not take into account for Malaysia Mercedes Benz sole distribution right..

Nepo

3,280 posts

Posted by Nepo > 2022-08-20 11:09 | Report Abuse

I use small fund to bet on this stock. Let it privatized and see what will be happening in future..
Good luck to me

Nepo

3,280 posts

Posted by Nepo > 2022-08-27 05:50 | Report Abuse

Jardine Cycle & Carriage Ltd said its stake in Cycle & Carriage Bintang Bhd rose to 94.78% after its takeover offer ended on Thursday, paving the way for the delisting of one of Malaysia’s leading Mercedes Benz dealers.

Posted by Snowpiercer > 2022-08-29 16:59 | Report Abuse

Finally!

Nepo

3,280 posts

Posted by Nepo > 2022-08-30 18:04 | Report Abuse

Kindly be advised that trading in CCB’s shares will be suspended with effect from 9.00 a.m., Monday, 5 September 2022, pursuant to Paragraph 16.02(3) of the Main Market Listing Requirements.



Your attention is drawn to the Company's announcement dated 25 August 2022.

Nepo

3,280 posts

Posted by Nepo > 2022-08-30 18:06 | Report Abuse

The above post is thebest post to close this forum
Wish all the non sellers all the best

VFTRADER

787 posts

Posted by VFTRADER > 2023-02-07 09:21 | Report Abuse

After delist, CCB still give 5sen dividend for those who didnt accept the offer.....

Posted by verbatin1969 > 2023-09-07 23:57 | Report Abuse

asking for a friend. did the company pay shareholder the take over price if shareholders didn't accept the offer?

Posted by verbatin1969 > 2023-09-23 22:48 | Report Abuse

asking for a friend. did the company pay shareholder the takeover price if shareholders didn't accept the offer?

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