Trading of NCB shares to be suspended from Jan 29

by **Cals** Wed 27 Jan 2016, 05:45

Trading of NCB shares to be suspended from Jan 29

By Sangeetha Amarthalingam / theedgemarkets.com | January 26, 2016 : 6:02 PM MYT

KUALA LUMPUR (Jan 26): NCB Holdings Bhd’s trading of securities will be suspended from 9am on Friday (Jan 29), following the unconditional takeover by MMC Corp Bhd via the latter's unit, MMC Port Holdings Sdn Bhd.

In a bourse filing today, NCB, which operates the Northport in Port Klang, Selangor, and Kontena Nasional Bhd, drew attention to its previous announcements that MMC Port Holdings does not intend to maintain NCB's listing status as MMC now holds more than 90% stake in the group and does not intend to address the shortfall in the public shareholding.

On Oct 19 last year, MMC Corp had acquired 53.42% stake in NCB Holdings from Permodalan Nasional Bhd and AmanahRaya Trustess Bhd for RM1.11 billion or RM4.40 per share, which raised its holdings in the group to 83.55%.

Its acquisition triggered a mandatory general offer for the remaining 16.45% shares in NCB that it did not already own, at a cash offer price of RM4.40 per share. As of Jan 20, MMC Port held 96.81% NCB shares, with another 0.07% shares for which acceptance of its offer - subject to verification - had been received.

Last week, NCB announced the appointment of former Petronas chief executive Tan Sri Shamsul Azhar Abbas as its non-independent and non-executive chairman, replacing Tun Ahmad Sarji Abdul Hamid, following the exit of AmanahRaya Trustees Bhd and Permodalan Nasional Bhd as NCB shareholders.

At the same time, it announced the departure of eight directors and the appointment of three new ones, namely state secretary of Kedah Datuk Paduka Moh Puat Moh Ali, Tradewinds (M) Bhd group managing director Datuk Mohammad Zainal Shaari and Malakoff Corp Bhd director Datuk Idris Abdullah.

MMC Corp closed two sen or 1.17% higher at RM1.73 for a market capitalisation of RM5.2 billion while NCB Holdings gained 12 sen or 2.82% to close at RM4.37, valuing it at RM1.99 billion.