C&C Bintang pledges continued customer support. Daimler AG to buy over Cycle & Carriage Bintang’s 49 per cent stake in Mercedes-Benz Malaysia
Cycle & Carriage Bintang Berhad made the assurance to customers after the announcement that they would be divesting their 49 per cent stake in Mercedes-Benz Malaysia. This follows a notice from Daimler AG, the parent company of Mercedes-Benz and the owner of the brand, that they are exercising their option to buy over C&C Bintang’s shares in Mercedes-Benz Malaysia. C&C Bintang are obligated to sell under the terms of their joint venture agreement.
The shares are worth RM66,003,000 with annual dividends of around R11.2 million.
After the disposal of the shares, C&C Bintang will no longer hold any stake in Mercedes-Benz Malaysia but will continue as dealers for the Mercedes-Benz brand.
Cycle & Carriage Bintang has had a longstanding relationship with Mercedes-Benz of more than 50 years and is the largest dealership network for the brand with over 13 Mercedes-Benz dealerships offering sales and aftersales facilities across Malaysia.
Further details in relation to the disposal can be found in Cycle & Carriage Bintang Berhad’s announcement to Bursa Malaysia dated 3 December 2018.