Jardine Cycle & Carriage Limited (SGX:C07) (JCCR) made a proposal to acquire remaining 40.9% stake in Cycle & Carriage Bintang Berhad (KLSE:CCB) for MYR 90.6 million on November 11, 2019. JCCR currently owns 59.10% stake in CCB. JCCR will acquire 41.2015 million shares and pay MYR 2.2 per share. Upon completion of acquisition, CCB will become wholly owned subsidiary of JCCR and will be delisted from Bursa Securities. Transaction will be funded from JCCR internal resources and external borrowings. Transaction is subject to CCB shareholders, regulatory, High court of Malaysia approvals, Securities commission Malaysia clearance, and existing financiers and creditors approvals. As of November 27, 2019, the board of directors of Cycle & Carriage Bintang Berhad appointed CIMB Investment Bank Berhad as the financial adviser for the transaction. As on November 29, 2019, Affin Hwang Investment Bank Berhad was appointed as the financial advisor to Cycle & Carriage Bintang Berhad. As on December 10, 2019, the transaction is expected to close in the first half of 2020.

Jardine Cycle & Carriage Limited (SGX:C07) (JCCR) cancelled the acquisition of remaining 40.9% stake in Cycle & Carriage Bintang Berhad (KLSE:CCB) on February 11, 2020. The transaction was not approved at the extraordinary general meeting of Cycle & Carriage Bintang Berhad.