KUALA LUMPUR, Nov 18 — Batu Kawan Bhd’s shares on Bursa Malaysia was higher in the early session today, after announcing its proposed acquisition of a 56.3 per cent stake in Chemical Company of Malaysia Bhd (CCM) from Pemodalan Nasional Bhd (PNB) for RM293 million or RM3.10 per share.
As at 11.31am, the group’s counter rose 36 sen to RM16.18 with 11,300 shares changing hands.
In a filing with Bursa Malaysia on Tuesday, the company said it would make a mandatory general offer of RM3.10 per share for all remaining shares in CCM whose listing status Batu Kawan intends to maintain.
Batu Kawan said the acquisition is subject to the consent of a lender bank in respect of the banking facilities provided to the CCM group for the transfer of the sale shares and are not subject to shareholder approval.
The proposals are expected to be completed in the first quarter of next year.
— Bernama
