KUALA LUMPUR (Jan 26): Batu Kawan Bhd (BKB), which has made a takeover offer for all the shares it does not already own in Chemical Company of Malaysia Bhd (CCM) at RM3.10 per share, now holds a 96.7% stake in CCM, comprising 162.17 million shares in the company.
BKB and persons acting in concert with it (PACs) had received valid acceptances of not less than nine-tenths in the nominal value of the ordinary shares in CCM as at 5pm today, said the company in a filing to Bursa Malaysia.
"As such, the offeror (BKB) will invoke the provisions of Section 222 (1) of the Capital Markets and Services Act 2007 (CMSA) to compulsorily acquire any remaining offer shares from the holders of the offer shares (holders) who have not accepted the offer and/or who have failed or refused to transfer the Offer shares to the offeror (Dissenting Shareholders)," it said.