KUALA LUMPUR: Shares in Cycle & Carriage Bintang Bhd (C&C Bintang) hit limit up in early trade Thursday following the decision of its largest shareholder to privatise the group.
The Mercedes-Benz dealer jumped 29.76, or 50 sen to RM2.18, making it the top gainer on Bursa Malaysia.
C&C Bintang told Bursa Malaysia today that it has received an offer from Jardine Cycle & Carriage Ltd to undertake an unconditional voluntary takeover at RM2.40 a share.
Jardine owns a 59.1% stake in C&C Bintang.
On Nov 11, 2019, Jardine offered to buyout minority shareholders in the company for RM2.20 a share.
It said the unconditional voluntary takeover offer, which will be satisfied via cash, is at a premium of six sen or 2.56% to C&C Bintang's net traded asset of RM2.34 per share.
