Batu Kawan raises stake in CCM to 92%, to proceed with delisting plan 


KUALA LUMPUR: Batu Kawan Bhd said it has accumulated a 92.14% stake in Chemical Company of Malaysia Bhd (CCM) and will proceed with the plan to delist the company.

Batu Kawan said its offer to buyout the remaining minority shareholders in CCM at RM3.10 a share will remain open until Feb 2.

"The Offeror now holds 90% or more of the Shares as a result of the Offer and the Offeror does not intend to maintain the listing status of CCM on the Main Market of Bursa Securities," Batu Kawan said today.

"In view of this, Bursa Securities will suspend the trading of the shares upon the expiry of five market days from the closing date of the Offer. Thereafter, the Offeror will procure CCM to take the requisite steps to withdraw its listing status from the Official List in accordance with Paragraph 16.07(a) of the Listing Requirements," it added.

In November, Batu Kawan announced a RM292.8mil deal to acquire Permodalan Nasional Bhd entire 56% stake in CCM, triggering a general offer for the remaining shares in the company.

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Batu Kawan , CCM

   

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