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DAIMLER TO BUY MBM STAKE FROM CYCLE & CARRIAGE FOR RM66 MLN
KUALA LUMPUR, Dec 3 (Bernama) -- Daimler AG has informed Cycle & Carriage Bhd (CCB) that it was exercising its call option to buy the latters 49 per cent stake or 66 million shares in Mercedes-Benz Sdn Bhd (MBM) for RM66 million.
CCB said following the disposal, it would cease to hold shares in MBM.
“Completion of the disposal will take place 12 months from the exercise date (Nov 30, 2018)," it said in a statement today.
CCB also said with the disposal it would no longer be entitled to an annual dividend of about RM11.2 million, when MBM declared one.
CCB Chief Executive Officer Wilfrid Foo assured customers that the decision would not impact the company’s commitment or ability to continue delivering exceptional experiences to its customers across its nationwide dealerships in Malaysia.
“All dealerships will continue to provide you with quality sales and aftersales services in accordance with the strictest Mercedes-Benz quality standards supported by MBM,” he said.
CCB has a longstanding relationship with Mercedes-Benz of over 50 years. It is also a leading Mercedes-Benz dealer group in Malaysia, with 13 sales and aftersales facilities across the country.
As at 10.56 am, CCB’s share fell 3.61 per cent to RM1.87 from last Friday’s RM1.94 with 146,000 shares traded.
-- BERNAMA
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