Quick take: Batu Kawan, CCM climb on corporate news

KUALA LUMPUR: Shares of Batu Kawan Bhd and Chemical Co of Malaysia Bhd (CCM) climbed in early Wednesday trade on news about the former’s corporate exercise to acquire a 56.32% stake in the latter.

At 10.19am, CCM rose 16 sen to RM2.95 with 11.74 million shares done at prices ranging from RM2.93 to RM2.99.

Batu Kawan rose 32 sen to RM16.14. There were 7,700 shares done at prices ranging from RM15.88 to RM16.14.

The FBM KLCI fell 11.79 points or 0.73% to 1,598.36. Turnover was 5.09 billion shares valued at RM1.47bil. There were 383 gainers, 536 losers and 428 counters unchanged.

On Tuesday, Permodalan Nasional Bhd (PNB) and its unit trust funds announced they were selling their combined stake in CCM Batu Kawan, which is involved in plantation and industrial chemicals, for RM292.79mil or at RM3.10 apiece.

PNB said at RM3.10, this was a 69% premium to the three-month volume weighted average share price.

PNB and AmanahRaya Trustees Bhd – the trustee for Amanah Saham Malaysia, Amanah Saham Bumiputera and Amanah Saham Bumiputera 3-Didik unit trust funds – inked a conditional agreement with Batu Kawan to sell 94.45 million shares in CCM at RM3.10 apiece.

Batu Kawan told Bursa Malaysia that on the agreement becoming unconditional, it would make a mandatory general offer but it intended to maintain CCM’s listing on the Main Market.

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