KUALA LUMPUR (Sept 13): Mercedes-Benz dealer Cycle & Carriage Bintang Bhd (CCB) will be delisted from the local exchange effective next Monday (Sept 19).

“The entire issued share capital of CCB will be removed from the official list of Bursa Malaysia Securities Bhd with effect from 9am, Monday, Sept 19, pursuant to paragraph 16.07(a) of the Main Market Listing Requirements,” the company said in a bourse filing on Tuesday (Sept 13).

Paragraph 16.07(a) states that a listed issuer may withdraw its listing from the official list in relation to a takeover offer under the Take-Overs and Mergers Code, other than those effected by way of a scheme of arrangement, compromise, amalgamation or selective capital reduction, upon 90% or more of its listed shares (excluding treasury shares) or listed units being held by a shareholder or unitholder, either individually or jointly with associates of the said shareholder or unitholder.

On Sept 6, CCB announced that the company had submitted an application to Bursa for the proposed withdrawal of its listing.

It made the announcement then in reference to the closing of the unconditional voluntary takeover offer by Jardine Cycle & Carriage Ltd through CIMB Investment Bank Bhd to acquire all the remaining ordinary shares in CCB not already owned by Jardine at a cash consideration of RM2.70 per offer share.

CCB shares have been suspended for trading since Sept 5, after Jardine succeeded in garnering 95.49 million shares or a 94.78% stake in CCB when the takeover offer ended on Aug 25.

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