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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