MMC Corp makes takeover offer for NCB Holdings

The giant conteiner carryer craine at North Port in Port Klang which busy entire day's to clear the goods from the ship. Budget - PPR flats for Budget story.

KUALA LUMPUR: MMC Corp Bhd, through wholly-owned subsidiary MMC Port Holdings Sdn Bhd, is making an unconditional takeover offer for all shares it does not own in port and logistics operations subsidiary NCB Holdings Bhd for RM4.40 per share.

MMC Corp said in a statement to Bursa Malaysia that the deadline for acceptances was 5pm on Jan 6, 2016.

MMC Port recently boosted its stake in NCB to 83.55% from 30.13% by acquiring shares from Permodalan Nasional Bhd and AmanahRaya Trustees Bhd.

MMC Corp plans to take NCB private. If it received enougn acceptances to bring its stake to at least 90%, it will invoke the provisions of Section 222(1) of the Capital Markets and Services Act 2007 to compulsorily acquire any remaining offer shares for which valid acceptances have not been received,

The offer document detailing the terms and conditions of the deal has been despatched to shareholders of NCB.

NCB wholly owns Northport (M) Bhd, a major gateway for the import and export of containers in Port Klang. 

It also operates a haulage cum logistics business via its subsidiary Kontena Nasional Bhd.

MMC already owns stakes in other ports, including a 100% stake in Johor Port and a 70% stake in the Port of Tanjung Pelepas (PTP). 

NCB’s presence among the MMC group of companies was set to strengthen its ports and logistics business, said MMC.

MMC shares gained 3 sen to close at RM2.02 on Wednesday, while NCB shares added 1 sen to RM4.38.