MMC chief executive officer Datuk Seri Che Khalib Mohamad Noh hoped to see better synergies with NCB such as cost efficiencies.
KUALA LUMPUR: MMC Corporation Bhd has received shareholders approval for the acquisition of port and logistics operator NCB Holdings Bhd.
At it EGM on Wednesday, the company said it secured 99.99% of acceptances for the corporate exercise in which it offered RM4.40 per NCB share.
MMC chief executive officer Datuk Seri Che Khalib Mohamad Noh said that he was very happy with the outcome of the EGM.
"We hope to see better synergies with this company such as cost efficiencies," he said.
In October, MMC announced that it had acquired Permodalan Nasional Bhd’s majority stake in NCB for RM1.1bil cash, or RM4.40 a share, raising its stake in the port operator to 83.55% and triggering a mandatory general offer for the remaining shares.
MMC had stated that it would extend the offer of RM4.40 per share to minority shareholders of NCB as it had no intention to maintain the listing status of the latter.
Importantly, NCB returned to the black in its third quarter ended Sept 30, posting a net profit of RM10.89mil versus a net loss of RM2.3mil a year earlier.
NCB attributed the net profit to the higher revenue registered by the port operations due to higher throughput handled for the current quarter.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
