Jardine Cycle & Carriage offers to buyout Cycle & Carriage Bintang

Cycle & Carriage Bintang is one of Malaysia's leading Mercedes-Benz dealers.

Jardine Cycle & Carriage (JC&C) has offered to buyout Malaysian company Cycle & Carriage Bintang (CCB).

In a bourse disclosure, JC&C announced its submission of a notice of unconditional voluntary take-over offer to the Malaysian firm. JC&C added that it already possesses 59.1% of CCB shares listed on the Main Market of Bursa Malaysia Securities Berhad.

Dealing mainly with vehicle sales and after-sales services, CCB is one of Malaysia's top Mercedes-Benz dealers.

JC&C plans to acquire all the remaining ordinary shares of CCB at around RM2.40 per offer share, to be funded by internal resources or external borrowings.