Cycle & Carriage looking for strategies to grow
Stephanie Jacob | 29 Mar 2019 00:30
Cycle & Carriage Bintang Bhd (Cycle & Carriage) CEO Wilfrid Foo is confident that its Mercedes-Benz car dealerships remain the best option for customers to buy the car in Malaysia.
This assertion has arisen as the company faces scrutiny of its prospects after it announced that it will soon cease to be a shareholder in Mercedes-Benz Malaysia Sdn Bhd (MBM), the master distributor of Mercedes- Benz cars in Malaysia.
In Nov 30 last year, Germany’s Daimler AG exercised its call option to buy out Cycle & Carriage’s 66 million shares or 49% equity stake in MBM.
Cycle & Carriage is obliged to dispose these shares for RM66 mil as this is in the agreement that has long been in place. The process, which began on Nov 30, 2018 is expected to be completed by Nov 30 this year.
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