NCB to address public shareholding spread

PETALING JAYA: NCB Holdings Bhd, in which MMC Corp Bhd has increased its shareholding to 30.13% recently, is looking for more time to address the shortfall of its public shareholding.
In a filing with the stock exchange, NCB said its public shareholding only stood at 22.16% as at July 21, which is below the 25% public shareholding spread as set out in Paragraph 8.02(1) of the Main Market Listing Requirements of Bursa Malaysia Securities Bhd.
The number of public shareholders based on the record of depositors as at July 21 is 8,291.
"The company will apply to Bursa Securities for an extension of time to comply with its public shareholding spread requirement," NCB said.
Earlier, MMC announced that it had acquired a 9.08% stake in NCB from Kumpulan Wang Persaraan (Diperbadankan) (KWAP) for RM186.50 million, increasing its shareholding to 30.13%, which is closer to the 33% mandatory general offer (MGO) threshold.
NCB's share price was down 1 sen to close at RM4.20 yesterday on some 238,000 shares done.