Batu Kawan grabs spotlight with CCM move

TheStar Sat, Nov 21, 2020 08:10am - 2 years View Original


The normally quiet Batu Kawan shot onto the radar when it entered into a deal to buy Permodalan Nasional Bhd’s entire 56.32% stake in Chemical Company of Malaysia Bhd (CCM) for RM292.97mil cash, or RM3.10 per share.

Between the two listed stocks, Batu Kawan Bhd and its 47%-owned Kuala Lumpur Kepong Bhd (KLK), it is the latter that generates investor interest for being a key player in the palm oil industry here and in Indonesia.

But this week, the normally quiet Batu Kawan shot onto the radar when it entered into a deal to buy Permodalan Nasional Bhd’s entire 56.32% stake in Chemical Company of Malaysia Bhd (CCM) for RM292.97mil cash, or RM3.10 per share.

Subsequently, Batu Kawan will make a mandatory general offer (MGO) at RM3.10 per share to buy all the remaining shares in CCM. It intends to maintain CCM’s listing status after the MGO.

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Related Stocks

BKAWAN 20.520
CIMB 5.570
KAWAN 2.120
KLK 21.000

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