KUALA LUMPUR: KUB Malaysia Bhd
has launched an unconditional mandatory takeover offer to acquire the remaining shares in Central Cables Bhd (CCB).
The unconditional mandatory takeover offer was made through Maybank Investment Bank Bhd (Maybank IB).
In a statement today, Maybank IB said the offer will be either satisfied by a cash consideration of RM2.60 for every share surrendered (cash option) or through a securities exchange based on an exchange ratio of 4.33395 new redeemable convertible preference shares (RCPS) in KUB for 60 sen per RCPS for every share surrendered.
As of May 13, 2024, KUB holds an estimated 98.92 per cent equity in CCB, comprising 52.42 million shares.
CCB was incorporated in 1967 and is principally involved in the manufacturing of power cables and wires.
KUB had acquired 86.65 per cent equity interest in CCB from JAG Capital Holdings Sdn Bhd before launching the mandatory takeover. - Bernama
