CYCLE & CARRIAGE BINTANG BHD
KLSE (MYR): CCB (2925)
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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.
https://www.theedgemarkets.com/article/david-vs-goliath-ccb-privatisation-stalemate
2022-02-18 10:45
Do you think selling or buying one small lot (100 unit) is an usual action in normal market?
Think about it..
2022-02-18 10:59
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.
2022-02-25 18:10
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.
2022-02-25 19:04
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.
2022-03-20 22:12
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.
2022-03-20 22:20
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
2022-03-20 22:25
Jardine is collecting.. another privatization announcement expected soon.
2022-03-23 21:30
Jardine offer will not be that high. Maybe at the same at RM2.40 to RM2.80. keep buying back.
2022-03-25 20:55
The parent co still collecting. I suspect only June announcement and not now.
2022-03-27 14:43
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
2022-03-31 09:29
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..
2022-03-31 09:45
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.
2022-03-31 14:41
Deemed interested in the shares acquired by JCCL via the open market pursuant to Section 8(4) of the Companies Act 2016
2022-06-08 20:34
Stingy boss. Hopefully sb can stand and voice out.
I shall die die hold even though it is privitazide
2022-07-21 20:22
LET THEM TAKE AND SHARHOLDER END UP WITH UNLISTED SHARE. ONE DAY THERE WILL OFFER TOT HE FAIR VALUE
2022-07-25 19:47
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
2022-08-08 11:51
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
2022-08-08 13:27
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%
2022-08-09 14:11
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
2022-08-09 14:13
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
2022-08-10 08:13
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
2022-08-12 05:46
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
2022-08-16 08:56
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..
2022-08-16 09:02
I use small fund to bet on this stock. Let it privatized and see what will be happening in future..
Good luck to me
2022-08-20 11:09
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.
2022-08-27 05:50
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.
2022-08-30 18:04
The above post is thebest post to close this forum
Wish all the non sellers all the best
2022-08-30 18:06
After delist, CCB still give 5sen dividend for those who didnt accept the offer.....
2023-02-07 09:21
asking for a friend. did the company pay shareholder the take over price if shareholders didn't accept the offer?
2023-09-07 23:57
asking for a friend. did the company pay shareholder the takeover price if shareholders didn't accept the offer?
2023-09-23 22:48
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Nepo
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..
2022-02-17 13:05