FOR three weeks beginning Dec 18,2020, there were doubts if Batu Kawan Bhd would be successful in its offer to take over Chemical Company of Malaysia Bhd (CCM).
This is following the emergence of low-profile seasoned investor Pui Cheng Wui in CCM with a 16.12% stake.
If Pui did not accept the offer, Batu Kawan would not be able to reach the 90% acceptance level threshold to take CCM off Bursa Malaysia.
Pui purchased the shares, amounting to 27.56 million, from the open market. The amount is staggering and would have cost Pui some RM83mil, assuming he purchased the shares at RM3.08 each. Batu Kawan’s offer for CCM was RM3.10 per share, hence leaving him a two sen margin.
KUALA LUMPUR (Dec 17): Based on corporate announcements and news flow today, companies that may be in focus on Monday (Dec 21) include: Chemical Company of Malaysia Bhd, NWP Holdings Bhd, Pecca Group Bhd, Reservoir Link Energy Bhd, Bermaz Auto Bhd, Pegasus Heights Bhd, Hai-O Enterprise Bhd, PCCS Group Bhd, Gas Malaysia Bhd, PLS Plantation Bhd, Fintec Global Bhd, NetX Holdings Bhd, Puncak Niaga Holdings Bhd and NTPM Holdings Bhd.
Seasoned investor Pui Cheng Wui has emerged as a substantial shareholder of
Chemical Company of Malaysia Bhd (CCM) after acquiring 27.03 million shares or a 16.12% stake in the company. The move comes just a month after Batu Kawan Bhd announced the acquisition of a 56.32% stake in CCM from Permodalan Nasional Bhd. Pui’s purchase of the 16.12% stake was made in the open market on Dec 16. The block of shares would have cost him RM83.26 million based on the closing price of RM3.08 on Dec 16.