Kawan2 sekalian, cepat naik kapal..engine sangat panas mau pecut sudah..fast fast..once sail, memang x tunggu lagi..still alot of meat up there..the longer u wait, the thinner the meat. Fast..last call...toot toot
Now we know why the CCM share price has moved up from RM1.23 in Oct2 to RM2.79 today. It was just announced that Batu Kawan would buy PNB's 56% stake of CCM at RM3.10. This would trigger a mandatory general offer.
What is interesting is that the CEO of CCM, Encik Mukri bin Harun, who used to own zero shares in his company, announced the intention to deal in CCM shares on 3 Nov.
Is the CEO going to cash out at RM3.10, which would have netted him a 36% profit or close to RM100k?
Perhaps Encik Mukri bin Harun has merely expressed his strong confidence in the company's future under his stewardship? In that case, he should forgo the MGO. He should hold his shares for the long term, casting a vote of confidence in his own leadership!
Batu Kawan Bhd, which controls Kuala Lumpur Kepong Bhd, has proposed to buy a 56.32% stake in Chemical Company of Malaysia Bhd (CCM) from Permodalan Nasional Bhd (PNB) for RM292.97 million cash, or RM3.10 per share.Subsequently, Batu Kawan will make a mandatory general offer at RM3.10 per share to buy all the remaining shares in CCM.Batu Kawan said it intends to maintain the listing status of CCM on Bursa Malaysia subsequent to the MGO.The transaction price of RM3.10 represents a premium of 11.11% over CCM's closing price of RM2.79 today — the highest level in 12 years.
Batu Kawan said it had entered into a conditional share purchase agreement with PNB and Amanahraya Trustees Bhd (ART), both collectively holding 56.32% stake in CCM. ART is a trustee for Amanah Saham Malaysia, Amanah Saham Bumiputera and Amanah Saham Bumiputera 3-Didik unit trust funds for the proposed transaction. At RM3.10 apiece, the purchase consideration represents a premium over the last transacted price and volume weighted average market price (VWAMP) of CCM shares up to and including Nov 16. It said the premium was between 27.52% and 107.43% for five-day and one-year’s VWAMP of CCM shares of RM2.43 and RM1.49 respectively.The proposed acquisition will be funded via internal funds whereas the proposed offer will be funded via internal funds and/or bank borrowings.
Batu Kawan said the acquisition will increase the group’s market presence as a chlor-alkali chemicals manufacturer as well as to unlock value through the realisation of operational efficiencies in logistics, distribution and procurement. CCM saw a steep climb on its share price since mid-October on news that PNB was mulling over divesting its stake in CCM. CCM is principally an investment holding and management company whilst its subsidiaries are engaged in the manufacturing and marketing of chlor-alkali chemicals and polymers products and services. Caustic soda is the group’s core product. CCM has a three-year supply contract with Petroliam Nasional Bhd (Petronas) to supply 351,000 tonnes of caustic soda for Refinery and Petrochemical Integrated Development (Rapid) Project in Pengerang, Johor. The contract commenced in April last year.
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dingdonghuat
berserah kepada tuhan je...boleh kot..