Jardine to take Cycle Carriage Bintang private

When JCCL owns 100% equity interest in CCB, it does not intend to maintain the listing status of CCB on the Main Market of Bursa Malaysia Securities.

KUALA LUMPUR: Jardine Cycle & Carriage Ltd (JCCL), the major shareholder of Cycle Carriage Bintang Bhd (CCB) has proposed to take the car distributor private.

JCCL, which owns 59.10%, had on Monday proposed CCB undertake a selective capital reduction and repayment exercise of cash RM2.20 per share -- this is 91 sen or 70.5% above last Friday's closing price of RM1.29.