Batu Kawan grabs spotlight with CCM move

The normally quiet Batu Kawan shot onto the radar when it entered into a deal to buy Permodalan Nasional Bhd’s entire 56.32% stake in Chemical Company of Malaysia Bhd (CCM) for RM292.97mil cash, or RM3.10 per share.

Between the two listed stocks, Batu Kawan Bhd and its 47%-owned Kuala Lumpur Kepong Bhd (KLK), it is the latter that generates investor interest for being a key player in the palm oil industry here and in Indonesia.

But this week, the normally quiet Batu Kawan shot onto the radar when it entered into a deal to buy Permodalan Nasional Bhd’s entire 56.32% stake in Chemical Company of Malaysia Bhd (CCM) for RM292.97mil cash, or RM3.10 per share.