KUALA LUMPUR: Bursa Malaysia Securities has given Cycle & Carriage Bintang Bhd (CCB) until Oct 27 to comply with the public shareholding spread.

       In a statement on Friday, it said Bursa Securities had vide a letter dated June 24, gave it an extension of six months from April 28 to Oct 27 to comply with the public spread of the listing requirements.

       According to filings with Bursa Malaysia, JCCL owned 88.03% or 88.69 million CCB shares as at June 8.

       In Friday’s statement, CCB said based on the record of depositors dated June 18, being the latest practicable date, the public shareholding spread remained at 11.963%.

       The regulator said CCB has yet to comply with the public shareholding spread requirement.

       “As of the date of this announcement, the company has written to Jardine Cycle & Carriage Limited (JCCL), the major shareholder of the company, to seek clarification on its intentions in relation to the public shareholding spread and is waiting for JCCL’s reply for the company to formulate a rectification plan, ” it said.

       CCB said the company will continue to monitor the level of its public shareholding spread and make the necessary announcements in relation to the status of its efforts to comply with the public shareholding spread requirement for each quarter of the company’s financial year in compliance with the listing requirements.

       At 11.47am, CCB share price was down 23 sen to RM2.79, the lowest since June 22. There were 465, 500 shares done at prices ranging from RM2.79 to RM3.02.

       In mid-March, JCCL had announced it was privatising CCB at RM2.40 per offer share.

       Its share price hit limit up, jumping 29.76%, or 50 sen to RM2.18 on March 18, making it the top gainer on Bursa Malaysia.

       On Nov 11, 2019, JCCL offered to buy out minority shareholders in the company for RM2.20 a share.