Jardine Cycle & Carriage Limited (SGX:C07) made an offer to acquire remaining 40.9% stake in Cycle & Carriage Bintang Berhad (KLSE:CCB) for MYR 98.9 million on March 17, 2021. Jardine Cycle & Carriage Limited (SGX:C07) will purchase 41.2 million shares of Cycle & Carriage Bintang Berhad at MYR 2.4 per share in cash. Upon completion of acquisition, CCB will become wholly owned subsidiary of JCCR and will be delisted from Bursa Securities.

The transaction will be funded from JCCR internal resources and/or external borrowings. The offer is not conditional to any minimum level of valid acceptances. The offer will remain open for acceptances on the 2st day after the posting date or such later and if offer is revised after the posting date, it will remain open for acceptances for at least 14 days from the date of posting of the written notification of the revision to the holders.

The offer document will be dispatched within 21 days from the date of notice of any time period. As of April 19, 2021, Cycle & Carriage Bintang Berhad issued independent advice from its independent advisor along with non interested directors to its shareholders recommending to accept the offer. The non interested directors and advisor have of the view that offer is not fair but reasonable to accept by the shareholders.

As of April 23, 2021, Jardine Cycle & Carriage Limited has received acceptances of 6.83%, out of which 0.81% acceptances have been verified where as 6.02% acceptances are subject to verification. As of March 29, 2022, JC&C increased its interest in Cycle & Carriage Bintang from 59.1% to 89.0%. The offer period will start from March 17, 2021 and will end on April 28, 2021.

As of April 23, 2021, the closing date has been extended from April 28, 2021 to May 12, 2021. On May 7, 2021, the closing date has been extended from May 12, 2021 to May 21, 2021. As of May 18, 2021, offer period has been extended to June 4, 2021.

The transaction is not expected to have a material impact on the Jardine Cycle & Carriage Group's net tangible assets or earnings per share. On April 7, 2021, offer document was issue with the final offer price. CIMB Investment Bank Berhad acted as financial advisor to Cycle & Carriage Bintang.

Affin Hwang Investment Bank Berhad has been appointed as independent advisor to Cycle & Carriage Bintang Berhad. Boardroom Share Registrars Sdn Bhd acted as a registrar to Cycle & Carriage Bintang Berhad.