By G. Sharmila
MMC Corp Bhd takeover offer of NCB Holdings Bhd has been extended for the second time, according to a company filing on Bursa Malaysia today.
MMC’s unconditional takeover offer, which is a cash offer of RM4.40 per share for all the remaining shares in NCB Holdings Bhd, is now extended to Jan 20. It had earlier extended the offer for the rest of NCB from Dec 16, 2015 to Jan 6, 2016.
As at Jan 4, MMC owns a 92.81% stake in NCB, after previously owning about 30.13% stake in the port and logistics operator. MMC then acquired another 53.42% from Permodalan Nasional Bhd and AmanahRaya Trustees Bhd.
The deal was approved by MMC’s shareholders in November last year and is worth an estimated RM1.1 billion. MMC has also stated that it plans to take NCB private
NCB owns Northport (M) Bhd, known as a major gateway for the import and export of containers in Port Klang. The port operator also operates a haulage and logistics business via its subsidiary Kontena Nasional Bhd.
MMC also has stakes in other ports, including a 100% stake in Johor Port and a 70% stake in the Port of Tanjung Pelepas.
At closing today, MMC shares were down 1 sen at RM1.91, while NCB shares were up 1 sen at RM4.38.
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